Stock futures rebound from earlier losses after Trump criticized economic aid bill
Investors will get several economic reports including jobless claims, income & spending and new home sales
U.S. equity futures are trading higher ahead of the Wednesday market open, after President Trump suggested he may veto a $900 billion economic aid package.
Overnight, futures indexes rebounded from a 0.7% loss, to a gain on Dow futures of 0.3%.
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Trump criticized the aid plan approved by Congress. He urged lawmakers to raise payments to the public.
Meanwhile, investor nerves were rattled by the emergence of a new variant of the coronavirus in Britain that spreads more easily. That has prompted some 40 governments to ban travelers from Britain.
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With the Christmas holiday approaching, investors will have a full plate of economic data that could influence trading.
Before the opening bell, reports on initial jobless claims for last week, personal income and spending for November, and durable goods orders, also for November, will be released. Later in the morning, November new home sales, consumer sentiment for December and energy inventories will be reported.
In Europe, London's FTSE slipped 0.2%, Germany's DAX added 0.7% and France's CAC gained 0.6%.
In Asia, the Nikkei 225 in Tokyo added 0.3%, the Hang Seng in Hong Kong gained 0.9% and China's Shanghai Composite Index rose 0.8%.
Investors are hoping a new aid package from Congress can prop up the economy until the rollout of coronavirus vaccines allows business and consumer activity to revive.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 43253.54 | -136.06 | -0.31% |
| SP500 | S&P 500 | 5912.41 | +18.79 | +0.32% |
| I:COMP | NASDAQ COMPOSITE INDEX | 18966.646461 | +174.84 | +0.93% |
On Tuesday, the S&P 500 declined to 3,687.26. About 65% of the companies in the index fell. Communication services, financial and other companies accounted for much of the selling. Tech companies rose. The Dow Jones Industrial Average slid 0.7% to 30,015.51. The Nasdaq composite rose 0.5% to a record 12,807.92.
Two reports Tuesday added to discouraging economic data.
One showed consumer confidence fell more than expected this month. Another showed the red-hot housing market is slowing.
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In energy markets, benchmark U.S. crude added 12 cents to $47.13 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 72 cents on Tuesday to $47.02. Brent crude, the basis for pricing international oils, gained 16 cents to $50.24 per barrel in London. It shed 83 cents the previous session to $50.08 a barrel.
The Associated Press contributed to this report.