Stock futures have changed little as House advances $ 3.5 million spending plan – .

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Stock futures have changed little as House advances $ 3.5 million spending plan – .


U.S. equity futures were little changed on Wednesday morning as investors assess the prospects for a massive spending plan and look to the Federal Reserve’s Jackson Hole Symposium.

Dow Jones Industrial Average futures were up 26 points, or 0.07%, while S&P 500 futures were up 0.02% and Nasdaq 100 futures were unchanged. The S&P 500 and Nasdaq Composite both closed at historic highs on Tuesday, the latter breaking above 15,000 for the first time.

The US House of Representatives on Tuesday approved a $ 3.5 trillion budget resolution that creates the framework for the “human infrastructure” package that the Senate hopes to pass through the reconciliation process, which would avoid Republican obstruction. The lower house also put forward the $ 1 trillion bipartisan infrastructure plan that would fund roads, bridges and broadband, among other things.

HOUSE REPUBLICS CONDEMN DEMOCRATS ‘$ 3.5T BUDGET RESOLUTION, SAYS IT WILL INCREASE TO RECORD INFLATION

Investors will be keenly aware of developments emerging from the Fed’s Jackson Hole conference on Thursday and Friday, when the central bank may wire its timeline to start scaling back its asset purchase program and start raising rates. .

In equities, infrastructure-related companies, including Caterpillar Inc. and Deere & Co., were the center of attention after the House advanced the $ 3.5 trillion spending program.

Johnson & Johnson said a booster of its COVID-19 vaccine generates “strong and robust immune responses” that last for at least eight months. The results are based on two phase 1 / 2a studies.

Nordstrom Inc. said its quarterly revenues fell 6% from pre-pandemic levels as the company faced supply chain disruptions and strong competition. The department store chain has raised its sales outlook for the current year.

Dick’s Sporting Goods Inc. posted record quarterly sales and profits and raised its outlook for the full year. The retailer also announced a special dividend of $ 5.50 per share and increased its quarterly dividend by 21% to 43.75 cents per share.

In commodities, West Texas Intermediate crude oil climbed 13 cents to $ 67.67 per barrel and gold fell $ 12.80 to $ 1,795.70 per ounce.

Foreign trade was turbulent.

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In Europe, the UK FTSE 100 and the French CAC 40 both rose 0.2%, while the German DAX 30 fell 0.15%.

Asian markets were mixed with the Shanghai Composite up 0.74%, Japan’s Nikkei 225 down 0.03% and the Hong Kong Hang Seng Index down 0.13%.

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