U.S. stock futures fell on Monday even as a new stimulus package from Washington headed toward final passage this week. Higher bond yields continued to cause a rotation out of technology stocks that have led the market’s comeback during the pandemic.
Futures for the Dow Jones Industrial index demurred 57 points, or 0.2%, to 31,408.
Futures for the S&P 500 fell 26 points, or 0.7%, at 3,813.
Futures for the NASDAQ Composite tumbled 179 points, or 1.4%, to 12,489.
Shares of Tesla were off another 3% in pre-market trading Monday. Zoom Video fell 2%.
On the flipside, the stimulus news boosted stocks banking on a strong economic recovery. Shares of retailers, energy companies and banks were higher in premarket trading.
Disney shares added 2% in premarket trading after California eased COVID rules, paving the way for Disneyland to reopen on a limited basis in April.
On the economic front, investors will get a look at wholesale inventory data from January on Monday. Several economic measures in recent weeks have shown a recovery that is picking up steam, including a better-than-expected February jobs report released on Friday.
The Senate passed a $1.9-trillion economic relief and stimulus bill on Saturday, paving the way for extensions to unemployment benefits, another round of stimulus checks and aid to state and local governments.
The Democrat-controlled House is expected to pass the bill later this week. President Joe Biden is expected to sign it into law before unemployment aid programs expire on March 14.
Overseas, In Japan, the Nikkei 225 faded 0.4 Monday, while in Hong Kong, the Hang Seng dropped 1.9%.
Oil prices moved lower 15 cents to $65.94 U.S. a barrel.
Gold prices faltered $11.20 to $1,687.30 U.S.