U.S. stock futures traded slightly lower on Tuesday as Wall Street took a breather following sharp gains in the previous session. Dow Jones Industrial Average futures dipped 83 points, or 0.3%. S&P 500 futures slipped 0.4% as did Nasdaq 100 futures. Those muted moves came a day after the Dow jumped more than 200 points to start the new month and the Nasdaq Composite hit a record high. The S&P 500 entered Tuesday's session less than 3% below its Feb. 19 all-time high.
House Speaker Nancy Pelosi said Democrats and Republicans had a "productive" meeting over the next coronavirus stimulus package but added that both sides still had their "differences." Lawmakers reached an impasse recently over a supplemental unemployment benefit that expired last week. Democrats want to continue the benefits at $600 per week. Republicans want to extend that benefit, but at a lower rate.
Chinese state media slammed the U.S. for giving Microsoft the go-ahead to buy popular social video app TikTok. Hu Xijin, editor in chief of the state-backed Global Times, called the deal "an open robbery," adding: "President Trump is turning the once great America into a rogue country." China Daily called the potential deal a "smash and grab," adding that China "will by no means accept the 'theft' of a Chinese technology company."
President Donald Trump dismissed the idea of shutting down the country once again even as coronavirus cases continue to rise. "A permanent lockdown is not a viable path forward producing the result that you want or certainly not a viable path forward and would ultimately inflict more harm than it would prevent," Trump said. Earlier this year, measures were implemented aimed at curbing the coronavirus outbreak that essentially shut down the country. States have been gradually reopening their economies, but certain parts of the U.S. have seen a resurgence in coronavirus cases. Overall, more than 4.7 million cases have been confirmed in the U.S., according to Johns Hopkins University.
The Food and Drug Administration has approved the use of Abiomed's Impella heart pump, combined with an oxygen machine, to treat coronavirus patients who suffer heart and lung failure. The virus has resulted in extreme heart inflammation in 10% of patients. Abiomed shares gained 2% in the premarket.