finance
monthly
Personal Finance. Money. Investing.
Contribute
Newsletter
Corporate

US Futures Slide as Stimulus Talks Loom

Investors have also been keeping an eye on quarterly earnings reports from Pfizer and McDonald’s.

Posted: 28th July 2020 by
Finance Monthly
Share this article

US stock index futures went into decline on Tuesday as traders grappled with the newly released coronavirus stimulus plan, alongside a mixed batch of corporate earnings reports.

The US Senate’s latest $1 trillion relief package was announced on Monday night, four days before expanded unemployment benefits are set to expire for millions of Americans.

Though hopes of further stimulus helped to push markets higher on Monday, the sentiment did not last through Tuesday morning. Dow Jones Industrial Average futures fell by 0.4%, while S&P 500 and Nasdaq 100 futures each fell by 0.5%.

Sentiments were cooled in part by the release of McDonald’s quarterly profit report, which did not offer a forecast for future performance due to lockdown uncertainties and showed a 30% drop in revenue despite beginning a recovery in the US. The results fell short of analysts’ expectations, and the company’s shares fell by 2% in premarket trading.

3M, trades on the Dow Jones Industrial Average alongside McDonald’s, also fell below expected revenue and saw a 3.2% drop in the value of its shares.

Conversely, Pfizer managed to exceed analysts’ expectations in its quarterly earnings report amid rising demand for Ibrance, its cancer drug, and Eliquis, its blood thinner. The company saw a 3% share rise on Tuesday.

Pfizer also spurred optimism with a late Monday announcement that it will collaborate with German partner BioNTech on a global study to test their leading COVID-19 vaccine candidate.

About Finance Monthly

Universal Media logo
Finance Monthly is a comprehensive website tailored for individuals seeking insights into the world of consumer finance and money management. It offers news, commentary, and in-depth analysis on topics crucial to personal financial management and decision-making. Whether you're interested in budgeting, investing, or understanding market trends, Finance Monthly provides valuable information to help you navigate the financial aspects of everyday life.
© 2024 Finance Monthly - All Rights Reserved.
News Illustration

Get our free monthly FM email

Subscribe to Finance Monthly and Get the Latest Finance News, Opinion and Insight Direct to you every month.
chevron-right-circle linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram