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