Futures contracts tied to the Dow Jones Industrial Average lost about 430 points in overnight trading. The Nasdaq Composite was up 59.68 points, or 0.62%, at 9,648.48.
Wall Street stocks shook off early weakness and finished higher Monday as fresh Federal Reserve announcements of emergency lending offset revived worries about coronavirus cases.
'A preliminary version of the proposal being prepared by the Department of Transportation would reserve most of the money for traditional infrastructure work, like roads and bridges, but would also set aside funds for 5G wireless infrastructure and rural broadband'. The questions on Congress and the administration reaching a deal on the plan remain, and even then the bulk of the money will take years to be spent.
The Fed on Monday announced updates to the Secondary Market Corporate Credit Facility, which will begin buying a broad and diversified portfolio of corporate bonds to support market liquidity and the availability of credit for large employers.
Almost 80 new cases of the coronavirus have been found in Beijing since Thursday, raising fears of a second wave of infections in the Chinese capital.
Trading pre- and post-market enables you to take a position on key U.S. shares - like Tesla, Apple, Amazon and Netflix - outside normal trading hours. Caterpillar Inc jumped 7.3% and Boeing Co climbed 8.9%, while lenders including Bank of America Corp and Citigroup Inc rose 5.5% and 6.3%.
Beginning Tuesday, investors will focus on Fed Chair Jerome Powell's two-day congressional testimony on the monetary policy report.
"I think what they're trying to get away from is the perception that they're favoring one company or one industry over another so they try to spread it out", Yahoo Finance reported Kathy Jones, chief fixed income strategist at Charles Schwab, as saying.