The U.S. futures market printed red on Labor Day. Dow Jones Industrial Average (DJIA) futures fell by as much as 301 points. | Photo by Don Emmert / AFP
Dow and U.S. stock futures tumbled on Monday amid signs that President Trump will struggle to convince congressional Democrats to fund his lofty infrastructure spending plan.
Dow Futures Plunge; S&P 500, Nasdaq Futures Follow
The U.S. futures market printed red on Labor Day, pointing to a rocky start to September once regular trading resumes on Tuesday. Dow Jones Industrial Average (DJIA) futures fell by as much as 301 points on Monday. The September mini futures contract was last down 87 points, or 0.3%, at 26,291.00.
S&P 500 mini contracts declined 0.4% to 2,914.50. Futures on the Nasdaq Composite Index tumbled 0.5% to 7,653.75.
Trump’s Infrastructure Plan Struggles to Win Support
President Trump has vowed to spend trillions on infrastructure but is facing backlash from Democrats on how to unlock those funds. Dow futures are already tanking. | AP Photo/Carolyn Kaster
President Trump’s ambitious plan to fix America’s roads, bridges and airports has divided the Senate about how to actually pay for it. As The Wall Street Journal reports, the Senate may vote on a new infrastructure measure this fall, but the dollar amounts could be far less than what Trump promised when campaigning for president.
Back in July, the Senate Environment and Public Work committee passed a bipartisan funding bill for $287 billion for road projects. That’s a 27% increase from current funding levels but falls well short of the trillion-dollar-plus package Trump had promised.