Trader Michael Urkonis works on the New York Stock Exchange on January 28, 2020.
Bryan R Smith | Reuters
U.S. stock futures slipped on Sunday evening after President Donald Trump signed multiple executive orders to expand coronavirus relief.
The Dow Jones Industrial Average fell 55 points, or 0.2%. S&P 500 futures fell 0.2% and Nasdaq 100 futures fell 0.4%.
These orders continue the distribution of expanded unemployment benefits, postpone student loan payments until 2020, extend a federal eviction moratorium, and provide for wage tax vacation. However, unemployment benefits continue at a reduced rate of $ 400 per week. Originally, the benefit granted workers affected by the pandemic $ 600 per week.
Trump's moves come after Congress leaders made no progress on a new coronavirus stimulus package last week. Several benefits of a package signed earlier this year expired at the end of July, adding to uncertainty about the further development of the US economy.
"The fiscal cliff still poses a downside risk for August," said Aneta Markowska, chief financial economist at Jefferies. However, Markowska added that any weakness will be "short-lived".
"Another round of tax support will provide positive impetus by September. The reopening of schools, even if this is only the case in some countries, will increase the positive dynamic by (1) encouraging the start of school and (2) more parents You will be allowed to return to work in September, "she said in a note to clients. "The bottom line is that all the stars stand for another turning point in activity and a second leg in the reopening."
Wall Street had a strong weekly performance. The Dow rose 3.8% last week, making its biggest weekly gain since June. The S&P 500, along with the Nasdaq Composite, rose 2.5%. Last week's gains come at a historically difficult time for the market as August ushers in the worst three month stretch for the S&P 500.
Those gains were led in part by Facebook, Apple and Microsoft, all of which rose more than 3% last week. They left the S&P 500 just 1.2% below its February 19 record high.
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