FILE PHOTO: A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 9, 2021. REUTERS/Andrew Kelly
August 10, 2021
(Reuters) – Futures tracking the S&P 500 and the Nasdaq held below record highs on Tuesday as investors awaited fresh progress towards the passing of a much-anticipated infrastructure bill.
The U.S. Senate has set a vote on passage of the $1 trillion bipartisan infrastructure bill for 11 a.m. ET (1500 GMT), after which it would immediately begin to debate $3.5 trillion in additional investments.
With new coronavirus cases rising steadily in the United States, progress on the infrastructure package is expected to help gauge fiscal support for the next leg of recovery in the world’s largest economy.
Nationwide, COVID-19 cases have averaged 100,000 for three days in a row, up 35% over the past week, according to a Reuters tally of public health data.
Focus is also on inflation numbers due on Wednesday for hints about the path of Federal Reserve policy, after two Fed officials said on Monday that inflation was already at a level that could satisfy one leg of a key test for the beginning of rate hikes.
The S&P 500 and the Dow closed lower on Monday, weighed down by a fall in oil stocks and concerns over a sooner-than-expected taper tantrum.
But rising U.S. Treasury yields lifted financial shares, keeping Wall Street’s benchmark indexes near record highs. [US/]
At 6:41 a.m. ET, Dow e-minis were down 16 points, or 0.05%, S&P 500 e-minis were down 0.25 points, or 0.01%, and Nasdaq 100 e-minis were up 18 points, or 0.12%.
Energy firms Halliburton Co, ExxonMobil Corp, Chevron Corp, Diamondback Energy Inc and Marathon Oil Corp gained between 0.4% and 1.9%, tracking a recovery in oil prices from a three-week low. [O/R]
AMC Entertainment jumped 8.3% after beating second-quarter revenue estimates as moviegoers returned to its theaters after a year of closures and restrictions.
(Reporting by Devik Jain in Bengaluru; Editing by Aditya Soni)
Source: One America News Network
