Happy Tuesday. Today is August 25th and stock futures rise after the S&P 500 closes above 3,400 for the first time. Trump signed an executive order and three memoranda over the weekend and Salesforce, Amgen, and Honeywell join Dow Jones industrial average. 30 states have been approved to offer an extra $300 a week in federal unemployment benefits. Lastly Delta plans to furlough more than 1,900 pilots in October.
U.S. stock futures rose early Tuesday morning after another record-setting session on Wall Street.Dow Jones Industrial Average futures traded up 180 points, or 0.6%. The move implied a positive open of around 160 points. Traders were also evaluating a major shake-up to the 124-year-old blue chip benchmark.
The president’s memorandum creates a new unemployment benefit, but states will have to come up with money to make it real. The president’s order creates a new program that would pay $400 a week in federal unemployment benefits but would require states to pay $100 per week to the individual at the same time.
The Dow Jones Industrial Average is getting a makeover. S&P Dow Jones Indices, which manages the 30-stock benchmark, said it would add Salesforce.com Inc., Amgen Inc. and Honeywell International Inc. to the blue-chip index at the start of trading on Monday.
More than half of states have been approved to offer an extra $300 a week in federal unemployment benefits through a “lost wages assistance” program. Unemployed workers won’t have to apply separately to get the benefits, states have said. However, there is an extra step involved for many workers.
Delta says it’s preparing to furlough 1,941 pilots in October. The airline said it could reduce or avoid furloughs if it can reach cost-cutting agreements with the union. Close to 2,000 Delta pilots applied for early retirements, but the airline said it wasn’t enough to offset the lower staffing needs.