U.S. stocks fluctuated on Wednesday. The Nasdaq 100 futures gained 0.2% vs. fair value. However, the Dow Jones futures declined by 0.2% vs. fair value, while S&P 500 futures slid by less than 0.1%.
On Monday, Mitch McConnell, Senate Republican leader, released the Republican Covid-19 pandemic relief plan. According to it, the bill will include more Paycheck Protection Program small business loan funds, as well as relief for jobless Americans, and another direct payment to individuals of up to $1,200.
However, negotiations appear tentative between Democrats and Republicans. Congress will need to bridge the gap soon. Meanwhile, the Federal Reserve was preparing to announce its latest interest rate decision on Wednesday. According to reports, the Fed was going to keep interest rates unchanged amidst the ongoing coronavirus pandemic.
Senate Minority Leader Chuck Schumer and House Speaker Nancy Pelosi were scheduled to meet with White House chief of staff Mark Meadows and Treasury Secretary Steven Mnuchin later on Wednesday. They released a joint statement on Tuesday afternoon, declaring that the Senate GOP proposal is a sad statement of their values.
Several stocks declined on Tuesday
The Dow Jones futures tumbled down by more than 75 points in overnight trade. On the other hand, S&P 500 futures and Nasdaq futures fluctuated during the session.
Advanced Micro Devices (AMD) rallied by 10% on earnings in extended trading on Tuesday. However, the Nasdaq sold off 1.3%, and the S&P 500 plummeted down by 0.65%. The Dow Jones Industrial Average also lowered by 0.8%.
Apple stock surged forward by 0.5% after Counterpoint Research declared that in the second quarter, Apple is the fastest-growing smartphone maker in China.
Meanwhile, Dexcom stock jumped by more than 1%, but Visa stock plummeted down by more than 2% in the after-hours session.
After Tuesday’s stock market sell-off on coronavirus relief debate, four prominent stock market leaders approached key support levels. These were Netflix, Facebook, Apple, and Microsoft.