US pre-open: Futures mixed after Biden signs off on $1.9trn stimulus package

Wall Street futures were mixed ahead of the bell on Friday after President Joe Biden signed a $1.9trn Covid-19 relief package into law overnight.

As of 1230 GMT, Dow Jones futures were up 0.11%, while S&P 500 and Nasdaq-100 futures were 0.35% and 1.34% weaker, respectively.

The Dow closed 188.57 points higher on Thursday amid a rebound in tech shares.

Biden signed his $1.9trn coronavirus relief package into law overnight, sending direct payments of as much as $1,400 to Americans and put nearly $20.0bn into Covid-19 vaccinations and $350.0bn into state, local and tribal government aide.

The President also said he would direct US states to make all American adults eligible for vaccination by 1 May.

SpreadEx's Connor Campbell said: "Finishing Thursday achingly close to 32,500, the Dow Jones’s stimulus package celebrations appear like they have come to an end. It isn't expected to endure much of a hangover, however – currently the futures have the Dow starting down just 20 or so points this afternoon.

"There's not a whole lot on the agenda to change things up this Friday, which could mean a historic, newsworthy week ends with a whimper, not a bang."

On the macro front, February's producer price index will be published at 1330 GMT, while the University of Michigan's March preliminary consumer sentiment index will follow at 1500 GMT.

No major corporate earnings were slated for release on Friday.