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US STOCKS-Futures edge higher after Trump signs virus relief orders

Published 10/08/2020, 11:37
Updated 10/08/2020, 11:42
© Reuters.
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* Futures: Dow rises 0.37%, S&P up 0.15%, Nasdaq flat

By Ambar Warrick
Aug 10 (Reuters) - U.S. stock index futures were in a
flat-to-slightly higher range on Monday as markets looked to
executive orders from President Donald Trump over the weekend to
support the economy until more concrete stimulus could be
passed.
The orders, aimed at unemployment benefits and evictions,
came after negotiations broke down between the White House and
top Democrats in Congress over new stimulus steps to help the
world's largest economy combat the coronavirus outbreak.
U.S. House Speaker Nancy Pelosi and Treasury Secretary
Steven Mnuchin said on Sunday they were open to restarting aid
talks. With total infections in the country crossing five million
and recent data suggesting that an economic recovery was
stalling, markets had few positive cues to trade on.
Tensions between Washington and Beijing were also at play,
after Trump signed executive orders last week banning major
Chinese technology firms in 45 days' time while announcing
sanctions on 11 Chinese and Hong Kong officials.
Still, a better-than-expected earnings season and hopes of
more stimulus put the S&P 500 within a percent of a record high,
while the Nasdaq .IXIC scaled several peaks as its major
technology constituents benefited from the pandemic.
At 6:14 a.m. ET, Dow e-minis 1YMcv1 were up 100 points, or
0.37%. S&P 500 e-minis EScv1 were up 5 points, or 0.15% and
Nasdaq 100 e-minis NQcv1 were down 4.75 points, or 0.04%.
Among individual movers, Eastman Kodak Co KODK.N plunged
44.3% premarket after its $765-million loan agreement with the
U.S. government to produce pharmaceutical ingredients was put on
hold due to "recent allegations of wrongdoing." Marriott International Inc MAR.O dropped about 2% and
Royal Caribbean Cruises Ltd RCL.N fell 0.6% ahead of their
quarterly reports.
The No. 1 U.S. mall owner Simon Property Group SPG.N rose
4.5% after a report that it has been in talks with Amazon.com
Inc AMZN.O about turning some of its department-store sites
into Amazon fulfillment centers. Simon is expected to post its smallest quarterly profit in
nearly six years after markets close on Monday. Berkshire Hathaway Inc BRKb.N on Saturday announced a
$9.8-billion writedown and 10,000 job losses at its Precision
Castparts aircraft parts unit. However, its shares rose 1.2% as
its second-quarter net income surged 87%.

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