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Stock futures rise ahead of big week of earnings, coronavirus stimulus in focus; gold soars to new record

A man bear up a mask walks by the New York Stock Exchange (NYSE) on March 17, 2020 at Wall Street in New York City.

Johannes Eisele | AFP | Getty Impressions

U.S. stock futures rose on Sunday night as investors braced for a big week of corporate earnings and lawmakers continued coronavirus stimulus treaties.

Dow Jones Industrial Average futures traded 43 points higher, or 0.2%. S&P 500 futures gained 0.1% along with Nasdaq 100 followings.

McDonald’s, Pfizer, Alphabet, Apple and AMD are among the companies slated to release their latest quarterly figures this week.

From head to foot Friday’s close 128 S&P 500 companies had reported earnings, with 81% beating analyst expectations, concurring to Refinitiv. However, overall S&P 500 earnings have fallen more than 40% from the year-earlier age as the coronavirus pandemic takes a big bite out of corporate profits.

“Stock prices have soared even as analysts’ consensus believed earnings estimates have plunged,” said Ed Yardeni, chief investment strategist at Yardeni Research. “These senses have started to show signs of bottoming in the past few weeks. However, any recovery could be dampened or even aborted if the COVID-19 dispute count continues to mount and state governors slow or reverse the lifting of lockdown restrictions.”

Traders also turned their studies to Washington as lawmakers tried to push forward on another coronavirus stimulus package.

On Sunday, Treasury Secretary Steven Mnuchin chance Republicans had finalized a bill for about $1 trillion in coronavirus relief funds. Mnuchin added he hopes the scheme can find bipartisan support.

However, Jefferies Chief Economist Aneta Markowska warned there “is still a to the utmost gap between the GOP and Democrats, especially on unemployment benefits and state and local gov’t aid. Closing the gap will probably take more than a week, which cruels that an agreement is unlikely to be reached before July 31.”

White House economic advisor Larry Kudlow scatter some light on some of the measures included in the GOP proposal, noting: “There’s a $1,200 check coming, that’s prospering to be part of the new package.”

Wall Street was coming off a losing week as shares of major tech companies struggled and U.S.-China tensions get ahead. The Dow and S&P 500 each snapped a three-week winning streak. The Nasdaq, meanwhile, posted its first back-to-back weekly deprivations since May.

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