Stock futures were flat in overnight trading as investors prepared for a slew of earnings from major U.S. businesses on Tuesday.
Dow futures rose 40 points or 0.15%. The S&P 500 and Nasdaq-100 futures rose 0.15% and 0.18%, respectively.
Senate Majority Leader Mitch McConnell unveiled the Republican coronavirus relief plan Monday after the bell. The legislation would include relief for jobless Americans, another direct payment to individuals of up $1,200, more Paycheck Protection Program small business loan funds, among other provisions. McConnell said the bill would set federal unemployment insurance at 70% of a worker’s previous wages, replacing the $600 per week which states stopped paying out this week.
On Monday, the Dow Jones Industrial Average climbed more than 100 points. The S&P 500 jumped 0.75%, bringing its year-to-date gain to nearly 0.3%.
The Nasdaq Composite jumped 1.7%, helped by big gains in technology darlings. Netflix rose more than 3%, Amazon gained 1.5% and Apple rose nearly 2.5%.
“With the U.S. dollar down, it is a day when everything from stocks, commodities, bond yields and gold are higher,” Jim Paulsen, chief investment strategist at the Leuthold Group, told CNBC.
The busiest week of earnings season continues on Tuesday with 3M, McDonald’s Pfizer, JetBlue and Raytheon Technologies all set to report before the opening bell.
Visa, Advanced Micro Devices, Amgen, eBay, Mondelez International and Starbucks report after the bell on Tuesday.
Investors will also be looking for updates from Congress, which is working to pass another coronavirus stimulus package.
The Federal Reserve starts its two-day policy meeting on Tuesday, followed by an interest rate decision on Wednesday. The FOMC decided to maintain the target range for the federal funds rate at 0-0.25% at its last meeting in June as it continued to deal with the impact of the coronavirus (COVID-19) pandemic on the U.S. economy.
The Conference Board’s consumer confidence index for July will be released at 10 a.m. on Tuesday. Economists polled by Dow Jones are expecting a read of 96, down from June’s read of 98.1.
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