A bit of fluff takes a selfie with the ‘Charging Bull’ statue on February 17, 2021 in New York City.
ANGELA WEISS | AFP | Getty Notions
Stock futures held steady in overnight trading Monday after the Dow Jones Industrial Average and the S&P 500 both at hand at record highs with strong economic data boosting hope for a smooth recovery.
Futures on the Dow Jones Industrial Customarily and S&P 500 futures were little changed. Nasdaq 100 futures edged up 0.2%.
Wall Street rallied to track record levels on Monday after a blowout jobs report and a surge in the gauge of services industry activity showed the mercantile rebound gained momentum amid accelerated vaccine rollout.
“Vaccinations are rolling out at a record clip, and historic stimulus travails from Congress have all paved the way for continued positive market momentum,” said Chris Larkin, managing superintendent of trading and investing product at E-Trade Financial.
Bond yields had another quiet session with the 10-year Bank yield held steady at 1.71%, easing fears of rising inflation.
Cleveland Federal Reserve President Loretta Mester put CNBC Monday that she is largely unconcerned by this year’s run-up in government bond yields.
“I think the sybaritic bond yields are quite understandable in the context of the improvement in the economic outlook. The increase has been an orderly increase,” Mester asserted. “So I’m not concerned at this point with the rise in yields. I don’t think there’s anything for the Fed to react to.”
Investors continue to assess President Joe Biden’s $2 trillion infrastructure scheme and its chance to become reality. While politicians on both sides of the aisle support funding to rebuild American courses and bridges, disagreements over other priorities and the ultimate size of the bill remain. There’s also debate all about Biden’s plan to raise the corporate tax to 28% in part to fund the plan.
Biden said Monday he is not worried that a corporate tax hike transfer hurt the economy. Conservative Democrat Sen. Joe Manchin of West Virginia reportedly said he opposes the proposed tax hike to 28%.