Stock futures edge higher
U.S. stock markets are expected to open in the green territory on Monday after President Donald Trump signed the combined Covid-19 relief and government funding bill into law over the weekend.
The $2.3 trillion spending bill will release $900 billion in emergency relief funds, with the rest of the money going to fund the government through September.
Trump had previously threatened to block the aid and spending package, demanding the $600 direct payments to Americans be increased to $2,000.
As of 5:40 a.m. ET, futures tied to the blue-chip Dow were indicated 131 points, or 0.44% to 30,240. The S&P 500 futures gained 22.38 points, or 0.61% to 3,717.38 while the tech-heavy Nasdaq 100 futures gained 74.5 points, or 0.59% to 12,779.
UK, EU finally reach Brexit deal
Meanwhile, the United Kingdom and the European Union have agreed on a deal to govern their future trade relationship, narrowly avoiding a no-deal Brexit with just one week to go before the transition period ends and the country finalizes its exit from the bloc on Dec. 31.
The deal, announced on Thursday, brings an end to free movement, and the reintroduction of border controls between EU member countries and the UK (but no hard border in Ireland). It also preserves zero-tariff and zero-quota access for the UK to the European single market.
Prime Minister Boris Johnson praised the deal, saying the UK has “taken back control of our laws and our destiny” and adding that the country has also taken back control of money, borders and fishing water.
But the landmark deal still leaves crucial parts of the UK-EU relationship to be worked out later. It will now be sent to UK and European Parliaments for members to vote on ratification.
Crude jumps, buoyed by stimulus and Brexit deal
Crude futures ticked higher early Monday as traders welcomed Brexit deal and President Trump’s decision to sign the bipartisan coronavirus emergency relief bill into law.
As of 5:40 a.m. ET, U.S. West Texas Intermediate (WTI) crude futures were at $48.72, up 49 cents, or 1.02% a barrel. International Brent crude futures gained 44 cents, or 0.86% to 51.75 a barrel.
Bitcoin briefly crosses $28,000 mark
In other news, the price of bitcoin rose to an all-time high of $28,365 on Sunday before giving away some of the gains. The leading cryptocurrency is now on track for its biggest monthly winning streak in more than a year.
Bitcoin broke through $25,000 on Friday night for the first time, and rose above $26,000 on Saturday afternoon. It is currently up 129% in the last six months, 278% since the beginning of the year and 295% on a year-over-year basis.