Stock market news live updates: Stock futures higher with stimulus talks, earnings in focus

slew of data on the state of the labor market this week as parts of the country continue to grapple with a rise in coronavirus cases.” data-reactid=”16″ type=”text”>Stock futures rose Monday morning, pointing to a higher start to the first session of August as investors considered another set of corporate earnings reports and awaited a slew of data on the state of the labor market this week as parts of the country continue to grapple with a rise in coronavirus cases.

Stimulus discussions in Washington also remain in focus. As of late last week, Democratic and Republican lawmakers were in a logjam over the details of a new virus-related economic relief package, with the enhanced $600 per week in unemployment benefits having expired last Friday.

Democrats have pushed for a more than $3 trillion stimulus plan to extend this benefit at the $600 per week level, and also offer direct payments and more aid for state and local governments for food and housing assistance, and funding for schools and virus testing. The Republican stimulus plan, which totals around $1 trillion, would also include direct payments, but a lower level of enhanced weekly federal unemployment benefits and smaller sums in aid for Covid-19 testing and other funding.

Some economists highlighted that the lapse in enhanced unemployment benefits as negotiations remain under way would generate a near-immediate negative impact on consumer spending.

“The expiration last week of enhanced unemployment benefits will take about $12 billion per week out of consumers’ spending power – that’s 3.3% of weekly GDP – until some form of replacement passes Congress,” Ian Shepherdson, chief economist for Pantheon Macroeconomics, estimated in a note Sunday.

“The gap between the two sides is so huge, to say nothing of the splits within the Republican ranks, that the chance of a deal before the recess, from August 10 through September 7, appears to be diminishing rapidly,” he added.

9,000 new cases, in a total larger than the average over the previous 14 days of just under 8,900. The state has the highest number of total positive cases in the country, with the total breaching 500,000 for the first time this weekend.” data-reactid=”26″ type=”text”>New coronavirus cases rose in some states over the weekend, with the ongoing outbreak further weighing on a linear economic recovery. California, the nation’s most populous state, on Sunday reported more than 9,000 new cases, in a total larger than the average over the previous 14 days of just under 8,900. The state has the highest number of total positive cases in the country, with the total breaching 500,000 for the first time this weekend.

including Arizona and Florida, reported a slowdown in their numbers of new cases on Sunday.” data-reactid=”29″ type=”text”>But other areas that had seen resurgences recently, including Arizona and Florida, reported a slowdown in their numbers of new cases on Sunday.

Neel Kashkari, a voting member of this year’s Federal Open Market Committee, told CBS’s “Face the Nation” on Sunday advocated for tightened stay in place restrictions to help stem the spread of the coronavirus, and by extension, speed up the economic recovery in the US.” data-reactid=”30″ type=”text”>Federal Reserve Bank of Minneapolis President Neel Kashkari, a voting member of this year’s Federal Open Market Committee, told CBS’s “Face the Nation” on Sunday advocated for tightened stay in place restrictions to help stem the spread of the coronavirus, and by extension, speed up the economic recovery in the US.

according to a transcript of the interview.” data-reactid=”31″ type=”text”>“If we were to lock down hard for a month or six weeks, we could get the case count down so that our testing and our contact tracing was actually enough to control it the way that it’s happening in the Northeast right now,” Kashkari said, according to a transcript of the interview.

“Now, if we don’t do that and we just have this raging virus spreading throughout the country with flare ups and local lockdowns for the next year or two, which is entirely possible, we’re going to see many, many more business bankruptcies, small businesses, big businesses, and that’s going to take a lot of time to recover from to rebuild those businesses and then to bring workers back in and re-engage them in the workforce,” he added. “That’s going to be a much slower recovery for all of us.”

SPCE), Take-Two Interactive Software (TTWO) and Diamondback Energy (FANG) due after market close.” data-reactid=”33″ type=”text”>Elsewhere, corporate earnings season continues Monday with companies including Virgin Galactic (SPCE), Take-Two Interactive Software (TTWO) and Diamondback Energy (FANG) due after market close.

7:25 a.m. ET: Clorox fiscal 4Q results top expectations as consumers sought out more disinfectants during pandemic

CLX) grew fiscal fourth-quarter net sales 22% over last year to $1.98 billion, topping estimates for $1.88 billion, according to consensus data compiled by Bloomberg. Adjusted earnings per share of $2.41 were better than the $1.99 expected. Shares of Clorox rose about 1.5% in pre-market trading.” data-reactid=”36″ type=”text”>Clorox (CLX) grew fiscal fourth-quarter net sales 22% over last year to $1.98 billion, topping estimates for $1.88 billion, according to consensus data compiled by Bloomberg. Adjusted earnings per share of $2.41 were better than the $1.99 expected. Shares of Clorox rose about 1.5% in pre-market trading.

Clorox’s health and wellness business unit led top-line sales growth after posting a 33% year over year jump.

“Growth was fueled by a broad-based increase in demand for disinfecting and cleaning products across the Cleaning and Professional Products portfolios related to COVID-19,” Clorox said in a statement.

However, the company suggested its pandemic-related surge in demand may not continue for the rest of the year. In guidance for fiscal 2021, Clorox said it “anticipates sales growth ranging from flat to low single digits, reflecting the expectation for continued elevated demand through the first half of the fiscal year and a deceleration in the back half from lapping of the initial spike in demand from COVID-19.”

In a separate statement, Clorox also said it promoted Linda Rendle to CEO, effective. Sept. 14. Current CEO Benno Dorer will continue serving as the Clorox board’s executive chair. 

7:23 a.m. ET Monday: Stock futures point to higher open

Here were the main moves in equity markets, as of 7:23 a.m. ET:

  • S&P 500 futures (ES=F): 3,278.5, up 15 points or 0.46%

  • Dow futures (YM=F): 26,405.00, up 86 points, or 0.33%

  • Nasdaq futures (NQ=F): 10,984.75, up 94.25 points, or 0.87%

  • Crude (CL=F): -$0.25 (-0.62%) to $40.02 a barrel

  • Gold (GC=F): $1.30 ( 0.07%) to $1,987.20 per ounce

  • 10-year Treasury (^TNX): 1.2 bps to yield 0.548%

6:11 p.m. ET Sunday: Stock futures mixed at the open

Here were the main moves in equity markets, as of 6:11 p.m. ET:

  • S&P 500 futures (ES=F): 3,263.5, flat

  • Dow futures (YM=F): 26,324.00, up 5 points, or 0.02%

  • Nasdaq futures (NQ=F): 10,901.00, up 10.5 points, or 0.1%

NEW YORK, NEW YORK – JULY 23: People walk near the “Fearless Girl” statue in front of the New York Stock Exchange (NYSE) at Wall Street on July 23, 2020 in New York City. On Wednesday July 22, the market had its best day in 6 weeks. (Photo by Michael M. Santiago/Getty Images)

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