Stocks edged up slightly early, led by a gain in the Nasdaq Composite, as investors turned their focus toward the slew of corporate earnings set to be released later this week while still pinning their hopes on fiscal stimulus eventually passing.
But most in the market are sour on the notion that stimulus will pass before next month’s election. Both Republicans and Democrats pushed back against an offer from the Trump administration over the weekend. Instead, Wall Street is betting that Democrats will sweep in the November elections, implying that a larger stimulus package will come next year.
On the earnings front, investors will focus on third-quarter results from big banks such as JPMorgan Chase (ticker: JPM) and Goldman Sachs (GS) later this week.
Futures for the Dow Jones Industrial Average were roughly flat, gaining just 8 points before the market open. S&P 500 futures gained 0.5% and Nasdaq Composite futures climbed 1.4%. Oil slid, with West Texas Intermediate crude down 1.5% and Brent crude off by 1.4%.
AstraZeneca (AZN) shares climbed 0.9% after it was awarded $486 million from the U.S. government to develop 100,000 doses of a Covid-19 antibody treatment.
Beyond Meat (BYND) shares popped 1.2%. It announced a limited launch of its Beyond Burger to be sold at 210 KFC locations in China.
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