Stock futures stagnate as investors wait for bill

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U.S. equity futures were flat in trading overnight, with investors watching any progress from Washington on a new coronavirus stimulus package.The White House and Democratic congressional leaders have reported progress in the negotiations, but they remain separated on some issues.

Dow futures rose 14 points. Futures contracts on S&P 500 and Nasdaq-100 fell 0.01% and 0.10% respectively.

“I think the market expects us to get that stimulus,” Lindsay Bell, of Ally Invest, told CNBC’s “Closing Bell” Tuesday. “There may be a few weeks of waiting while these people do not receive their additional benefits or there may be uncertainty around evictions and that uncertainty could lead to some volatility. ”

Better-than-expected profits from Disney helped sentiment on Wall Street. The theme park and media giant made a profit of 8 cents per share, while analysts expected a loss of 64 cents per share. Disney said it now has 100 million paid subscribers to its streaming services, which include Disney +, Hulu and ESPN +.

On Tuesday, the big three averages posted gains. the Dow Jones Industrial Average climbed more than 150 points for its third consecutive day of gains. The S&P 500 rose about 0.35%.The Nasdaq Composite rose 0.35%, closing at a record high for its fifth consecutive day.

The earnings season continues on Wednesday with CVS Health, Humana and Moderna closely watched ahead of the opening bell. After the market closes on Wednesday, Etsy, Roku and Square are releasing their quarterly results.

A slew of economic news is coming in Wednesday morning that could move stocks. ADP’s private payroll data will be released at 8:15 a.m. ET and investors will be monitoring whether companies continued to bring workers back from their pandemic leave in July. Economists polled by Dow Jones expect one million private workers to have been added in July, up from 2.369 million added in June.

The final July Services PMI reading will be released at 9:45 a.m. ET. Economists polled by Dow Jones expect a reading of 49.6, as in June. Finally, the ISM Non-Manufacturing Survey is expected to be released at 10:00 a.m.ET. Economists estimate a red of 55, according to Dow Jones, down from the June reading of 57.1.

The Wall Street Journal said on Tuesday that U.S. Trade Representative Robert Lighthizer and Chinese Vice Premier Liu will meet in mid-August to discuss the U.S.-China Phase 1 trade deal.

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