U.S. stock futures fall after Wall Street closed at record highs to end last week.


January 11, 2021:Stock futures fell in early morning trading on Monday as investors assessed the outlook for more Covid-19 relief stimulus.

Futures on the Dow Jones Industrial Average fell 180 points. S&P 500 futures and Nasdaq 100 futures both traded in negative territory.

The S&P 500 climbed for four days straight to a record with a 1.8% gain last week. The Dow and the tech-heavy Nasdaq Composite gained 1.6% and 2.4% in the prior week, respectively, reaching all-time highs.

On Friday, Joe Biden pledged a significant economic stimulus rollout, which he said will be “in the trillions of dollars.” More detailed information will follow in a formal announcement on Thursday, six days before he is slated to take office.

On Friday, the Labor Department reported that nonfarm payrolls fell by 140,000 as new lockdown restrictions knocked virus-sensitive industries, marking the first monthly drop since April.

Political turmoil should continue this week, and it remains to be observed in the markets will be affected by it. Democrats, with the support of some Republicans, are moving toward starting impeachment proceedings in the House of Representatives against President Donald Trump as soon as this week for inciting the mob attack. The House Rules Committee is expected to expedite impeachment proceedings without committee hearings or votes.

Some on-Wall Street sees a pullback on the horizon for the market, especially after a surprisingly strong 2020. The S&P 500 gained 16.3% last year.

“After being bullish for several months, we are becoming more cautious on the stock market up at these levels,” Matt Maley, chief market strategist at Miller Tabak, said in a note Sunday.

Last week, the benchmark 10-year Treasury yield broke above 1% for the first time since the pandemic-driven turmoil in March.

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