Stock futures rose slightly Sunday night as investors tried to build on last week's solid performance.
. Facebook and Alphabet each lost more than 1% last week. Microsoft dropped 5.1% in that time period while Amazon and Netflix slid 7.4% and 10.2%, respectively. Those declines led to the Nasdaq Composite's first weekly loss in three weeks. These stocks have been the stalwarts on Wall Street this year as investors bet these companies' business models can keep them growing during the pandemic.
"If the sector can just take a rest, and keep in the middle of the pack akin to a smart jockey that has a lot of horse under him in a thoroughbred race, then it will likely see a surge again into the fall," he added. Earlier this year, President Donald Trump signed a stimulus package worth roughly $2 trillion which expanded unemployment benefits for those laid off during the pandemic. Among these expanded benefits, a $600-a-week check was included. However, these extra payments are set to expire later this month.
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