U.S. stock futures rose on Monday as traders looked for signs of progress on coronavirus stimulus negotiations and potential coronavirus treatments. Dow Jones Industrial Average futures climbed 91 points, or 0.4%. S&P 500 futures gained 0.5% and Nasdaq 100 futures traded 0.9% higher. Eli Lilly said its coronavirus prevention treatment was entering phase 3 trials, sending the stock up more than 1%. Clorox rose on better-than-expected earnings.
The White House and Democrats are at an impasse over an expanded unemployment benefit launched in March that lapsed on Friday. House Speaker Nancy Pelosi told ABC's "This Week" that Democrats are in favor of maintaining a $600-per-week benefit above regular unemployment insurance. Republicans have proposed extending the benefit at a lower rate of $200 per week. White House chief of staff Mark Meadows told CBS' "Face the Nation" he is not "optimistic that there will be a solution in the very near term."
Microsoft on Sunday confirmed reports that it was in talks to buy TikTok in the U.S. even as President Donald Trump threatens to ban the social app because of security concerns over its parent company's ties to China. "This new structure would build on the experience TikTok users currently love, while adding world-class security, privacy, and digital safety protections," Microsoft said. Terms of a potential deal were not disclosed by Microsoft or TikTok's Chinese owner ByteDance. However, Microsoft noted it is aiming to end talks by Sept. 15.
Dr. Deborah Birx, the White House coronavirus task force coordinator, urged Americans to wear masks and follow social-distancing guidelines because the country has entered a new phase of the pandemic. "What we are seeing today is different from March and April. It is extraordinarily widespread ... it's more widespread and it's both rural and urban," Birx told CNN on Sunday. More than 4.6 million coronavirus cases have been confirmed in the U.S., including more than 154,000 deaths, according to Johns Hopkins University.
Lord & Taylor and Men's Wearhouse owner Tailored Brands filed for bankruptcy on Sunday as the coronavirus pandemic causes more damage in the retail sector. Lord & Taylor, now owned by Le Tote of France, filed for bankruptcy protection in Virginia and Tailored Brands filed for Chapter 11 in Texas. J. Crew, Neiman Marcus and J.C. Penney are among other retailers that have filed for bankruptcy protection during the pandemic.