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US STOCKS-Wall St set for somber open after Trump signs virus relief orders

Published 10/08/2020, 13:35
Updated 10/08/2020, 13:36
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* Eastman Kodak plummets as govt loan agreement put on ice
* Marriott falls on first quarterly loss in nearly 9 years
* U.S. stimulus a catalyst for markets right now- Analyst
* Futures up: Dow 0.35%, S&P 0.10%, Nasdaq 0.09%

(Adds comments, details on stimulus expectations)
By Ambar Warrick and Medha Singh
Aug 10 (Reuters) - Wall Street indexes were set to open
almost unchanged on Monday as investors looked to executive
orders from President Donald Trump over the weekend to support
the economy until more concrete stimulus could be passed.
The S&P 500 .SPX , which ended about a percent off a record
high on Friday, was set to tick higher, while the Nasdaq .IXIC
was likely to drift further away from a series of record highs
hit last week.
Trump's orders that partly restored enhanced unemployment
benefits came after talks between the White House and top
Democrats in Congress about fresh stimulus broke down. But U.S.
House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin
have said they were open to restarting them. 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, optimism over a better-than-expected earnings season
and hopes of more stimulus had seen the S&P 500 gain nearly 2.5%
last week, while the Nasdaq touched a record high every day of
the week.
After a strong tech-led rally over the past few months, "to
me it's about the U.S. stimulus as a catalyst for markets at
this point," said Tim Chubb, chief investment officer at Girard
in West Chester, Pennsylvania.
"I wouldn't we surprised if the markets were to close off a
little bit here and we start to see some unwinding in the
favorites."
At 8:08 a.m. ET, Dow e-minis 1YMcv1 were up 97 points, or
0.35%. S&P 500 e-minis EScv1 were up 3.25 points, or 0.1% and
Nasdaq 100 e-minis NQcv1 were up 10 points, or 0.09%.
Among individual movers, Eastman Kodak Co KODK.N plunged
39.1% 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 1.4% after
posting its first quarterly loss in nearly nine years, as
extended travel disruption due to the COVID-19 pandemic hammered
bookings. The No. 1 U.S. mall owner Simon Property Group SPG.N rose
6.1% 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. Berkshire Hathaway Inc BRKb.N shares edged higher as its
second-quarter net income surged 87%.

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