US pre-open: Futures flat as market participants continue to await stimulus update
Wall Street futures were pointing to a muted open ahead of the bell on Friday after major indices closed at record highs in the previous session.
As of 1250 GMT, Dow Jones futures were up just 0.04%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.12% and 0.01% firmer, respectively.
The Dow Jones closed 148.83 points higher on Thursday as lawmakers on Capitol Hill appeared to be closing in on an agreement that would provide $900.0bn in additional aid.
However, stock futures were mostly flat on Friday as a deal was still yet to come to fruition despite Senate majority leader Mitch McConnell saying a "bipartisan, bicameral agreement" appeared to be close at hand.
McConnell stated it was "highly likely" Congress would work over the weekend, adding that a short-term funding measure may need to be passed in order to make enough time to approve further legislation.
House speaker Nancy Pelosi also said Democrats were moving closer to a consensus, stating the two parties had "made some progress" and were now "waiting to hear back".
CMC Markets analyst Michael Hewson said: "US markets look set to open cautiously firmer, after yesterday's new record highs, as talks on a new $900.0bn US stimulus plan get bogged down in the minutiae of detail including funding for FEMA, as well as the Fed’s emergency lending program."
Moving on to coronavirus figures, the US has now recorded more than 17.62m total cases, with the death toll now just shy of 318,000.
On the macro front, the Conference Board's leading index for November will be released at 1500 GMT, while Federal Reserve heads Charles Evans and Lael Brainard will deliver speeches at 1600 GMT and 1610 GMT, respectively, ahead of the central bank's second round stress test results at 2130 GMT.
In the corporate space, Tesla shares were firmly in focus ahead of the stock's debut on the S&P 500 on Monday, while Moderna stock was also in the spotlight after the Food and Drug Administration granted emergency approval for the company's Covid-19 vaccine.