US open: Stocks mixed as stimulus talks come into focus
Wall Street trading began on a mixed note on Monday amid an ever-increasing number of new Covid-19 cases across the US and ongoing stimulus negotiations between Republican and Democratic lawmakers.
As of 1540 GMT, the Dow Jones Industrial Average was down 0.43% at 30,089.74 and the S&P 500 was 0.09% softer at 3,695.87, while the Nasdaq Composite started out the session 0.41% stronger at 12,515.36.
The Dow Jones opened 128.52 points lower on Monday, cutting into gains registered on Friday when major indices notched yet another record high.
The ongoing pandemic was firmly in focus at the bell on Monday, with more than 14.0 Covid-19 cases having been confirmed in the US, with over 282,000 deaths and record numbers of Americans in hospital.
Senate minority leader Chuck Schumer, who called for a new stimulus package to be passed before the end of 2020, stated the need for a "strong, urgent emergency relief" was "more important than ever".
A bipartisan group of senators also unveiled a $908.0bn aid proposal last week, one which Senate majority leader Mitch McConnell later shut down, but a spokesman for House Speaker Nancy Pelosi later stated both she and McConnell had discussed their "shared commitment" to completing a spending bill and Covid relief "as soon as possible".
Markets.com's Neil Wilson said: "Stimulus seems a lot more likely and a $908bn bipartisan package could be passed as early as today.
"The weaker jobs report combined with surging case numbers across the US has left lawmakers with little choice, albeit the deal on the table has been drawing criticism from both sides of the Washington divide."
Also in focus was a report from Reuters that indicated the US was preparing new sanctions on Chinese officials – seen as a parting shot from the outgoing Trump administration.
On the macro front, consumer credit figures for October will be published at 2000 GMT.
No major corporate earnings were slated for release on Monday.