Finance News

The US inventory futures rose barely above three,400 after the primary closing worth of the S&P 500

US stock futures were unchanged on Monday night after another record-breaking meeting on Wall Street.

Dow Jones Industrial Average futures, along with S&P 500 and Nasdaq 100 futures, traded just below the flatline.

During regular trading, the S&P 500 rose 1% to close above 3,400 for the first time. Apple also hit an all-time high, topping other tech names as airline and cruise company stocks jumped amid coronavirus buzz.

"Equity investors remain cautiously optimistic about the direction of the economy and progress with the virus," said Mark Hackett, director of investment research at Nationwide. "Investor sentiment has changed and there is now significant optimism embedded in the equity markets that is driving valuations to their highest levels since the tech bubble."

That optimism comes from the fact that the number of newly confirmed coronavirus infections in the United States has decreased. Data compiled by Johns Hopkins University showed that the number of new cases has fallen below 37,000 and has been below 50,000 since mid-August.

Meanwhile, the Food and Drug Administration approved the use of convalescent plasma to treat coronavirus patients. The Trump administration is also reportedly considering accelerating an experimental vaccine from the UK.

Aneta Markowska, chief economist at Jefferies, said radio frequency data on the coronavirus shows that economic activity in the US picks up towards the end of August.

"School reopening is proving to be a positive catalyst as back-to-school is on track to surpass the levels of recent years. We also show early / tentative evidence of improving labor trends in states where schools open in early August have been reopened. " "Said Markowska in a note.

Dealers also looked to key data releases, including the latest consumer confidence and new home sales figures, both of which were due to be released Tuesday.

Later this week, the Federal Reserve will hold its annual monetary policy symposium. Wall Street will be looking for clues about further momentum and where the economy is taking off from the event.

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