Dow stock futures drop 300 points

Stock futures traded in the red early Monday as Congress managed to seal a coronavirus stimulus deal hours before a shutdown deadline.

Futures on the Dow Jones Industrial Average pointed to an opening drop of 300 points. S&P 500 futures and Nasdaq 100 futures both traded lower. At Monday’s open, Tesla will enter the S&P 500 with a 1.69% weighting in the index, the fifth largest.

Senate Majority Leader Mitch McConnell and Minority Leader Chuck Schumer said lawmakers have reached an agreement on a $900 billion relief package, which would provide direct payments and jobless aid to struggling Americans. The announcement came after negotiators resolved a key sticking point by rolling back the Federal Reserve’s emergency lending powers.

Congress passed a one-day spending bill to avoid a government shutdown that would have started at 12:01 a.m. ET Monday. President Donald Trump signed the measure late Sunday evening, according to White House spokesman Judd Deere.

Lawmakers will vote on the relief and funding bill on Monday.

Avadoot Shah

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