US pre-open: Futures point to early gains amid stimulus talks
By Iain Gilbert
Date: Monday 27 Jul 2020
(Sharecast News) - Wall Street futures had stocks opening higher ahead of the bell on Monday as market participants prepared for a week full of major corporate earnings amid continued stimulus talks in Washington.
As of 1230 BST, Dow Jones futures were up 0.32%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.45% and 0.96% higher, respectively.
The Dow closed 182.44 points lower on Friday after a ratcheting up in tensions between the US and China following the closure of a Chinese consulate in Houston and a US consulate in Chengdu.
Gold prices hit a new record high of $1,943.92 prior to the open as investors seemed to stock up on more traditional safe havens as those same US-Sino relations remained strained going into the new week. Silver also hit its highest level in almost seven years as
Not only were political relations frayed, but fears regarding the Covid-19 crisis were also doing the rounds, especially in hard-hit states like Florida, Texas and Arizona.
While futures were pointing to modest gains ahead of the bell, SpreadEx's Connor Campbell said: "The Dow may want to enjoy the peace while it lasts.
"The US is facing an incredibly busy week, aside from Covid-19 and US-China tensions, with the latest Federal Reserve meeting on Wednesday, the first Q2 GDP reading - which is going to be UGLY - on Thursday, and a stacked earnings calendar including appearances from the golden trio of Apple, Alphabet and Amazon."
Also in focus, lawmakers on Capitol Hill were trying to forge ahead with another coronavirus stimulus package.
Treasury Secretary Steven Mnuchin said on Sunday that Republicans had finalised a bill for roughly $1trn in Covid-19 relief funds, while White House economic advisor Larry Kudlow said there was "a $1,200 check coming".
On the macro front, durable goods orders for June will be released at 1330 BST, while the Dallas Fed's manufacturing index for July will be published at 1530 BST.
In the corporate space, Beyond Meat, Forterra and Hasbro will all report earnings on Monday.
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