Stock futures are pointing to a modestly lower open today, following yet another record close for the Nasdaq and the highest close for the S&P 500 since Feb. 21. Dow futures indicated around an 80-point drop at the bell. S&P 500 and Nasdaq futures also were slightly in the red.
Investors will continue to closely follow the progress of negotiations in Washington over the next coronavirus relief bill. The tech-heavy Nasdaq on Monday rode a 1.47% gain to a fresh high on the first day of August trading. The Dow advanced 236 points, or 0.89%, while the broad S&P rose 0.72%.
The Nasdaq has pieced together a four-day winning streak, and the Dow and S&P 500 were up in three of the past four days. The day’s only government economic report comes at 10:00 a.m. ET with the release of June factory orders, expected to show a 4.9% increase following a jump of 8% in May.
Ralph Lauren (RL), Warner Music Group (WMG) and Spirit AeroSystems (SPR) report earnings this morning. Dow component Walt Disney (DIS) leads today’s list of after-the-bell earnings reports, with Wynn Resorts (WYNN), Beyond Meat (BYND), Planet Fitness (PLNT) and Nikola (NKLA) also reporting.
President Donald Trump suggested that the U.S. government should be reimbursed or “paid a substantial amount of money” from any sale of TikTok to Microsoft (MSFT) or another potential suitor. Trump said Monday that’s “because without the United States they don’t have anything, at least having to do with the 30%.”
The 30% is a reference to Microsoft potentially acquiring TikTok only in the U.S., Canada, Australia and New Zealand. It is unclear how, exactly, Trump’s suggestion would work. Trump also said he believes it would be easier if Microsoft tried to acquire all of TikTok from ByteDance, the Chinese tech firm that owns it.