A woman takes a selfie with the statue of ‘Charging Bull’ on February 17, 2021 in New York City.
HECTOR ANGELICA WEISS AFP | Getty Images
Equity futures remained stable during nightly trading on Monday after the Dow Jones Industrial Average and S&P 500 closed at record highs, with strong economic data boosting hopes for a smooth recovery.
Futures on the Dow Jones Industrial Average and S&P 500 futures changed little. Nasdaq 100 futures rose 0.2%.
Wall Street concentrated on record levels on Monday following a report on explosive jobs and rising service industry activity showed the economic recovery picked up momentum amid accelerated vaccine deployment.
“Vaccinations are unfolding in a record clip, and historic congressional stimulus efforts have paved the way for continued positive market momentum,” said Chris Larkin, CEO of E Products Trade and Investment. -Trade Financial.
Bond yields had another quiet session, with a 10-year Treasury yield remaining stable at 1.71%, easing fears of rising inflation.
Cleveland Federal Reserve Chairwoman Loretta Mester told CNBC Monday that she is not deeply concerned about this year’s bond yield buildup.
“I think higher bond yields are quite understandable in the context of improving the economic outlook. The increase has been an orderly increase,” Mester said. “So I’m not worried right now about rising yields. I don’t think there’s anything the Fed is reacting to.”
Investors continue to evaluate President Joe Biden’s $ 2 trillion infrastructure proposal and its opportunity to become a reality. While politicians on both sides of the aisle support funding to rebuild U.S. roads and bridges, disagreements remain over other priorities and the final size of the bill. There is also debate over Biden’s plan to increase the corporate tax to 28% in part to fund the plan.
Biden said Monday he is not worried that a corporate tax hike is hurting the economy. Conservative Democratic Sen. Joe Manchin of West Virginia reportedly said he opposes the proposed 28 percent tax increase.