On Monday U.S. stock futures edged higher, following the major indexes’ climb to close at record highs last week. Futures tied to the S&P 500 rose 0.4%, signaling an extension of last week’s muted gains that sent the broad-market index to an all-time high Friday.
Contracts linked to the Dow Jones Industrial Average advanced 0.5%. Markets in the U.S. are closed Monday for Presidents Day holiday. Stock markets have climbed this year as investors look ahead to additional stimulus spending and an economic recovery as vaccination programs are rolled out around the world.
Democrats plan to proceed this week with work related to President Biden’s $1.9 trillion coronavirus aid plan. World leaders are also set to jointly discuss the pandemic response at a virtual meeting of leaders from the Group of Seven industrialized nations on Friday.
Investors are focused on “fiscal stimulus, monetary stimulus, the recovery and earnings that are expected to come through in 2021,” said Esty Dwek, head of global market strategy at Natixis Investment Managers. Monday is “going to be a quieter day with more of the same, more upward moves,” she added.