Stock futures lower as Biden unveils $1.9 trillion stimulus plan

A Wall Street sign is pictured in the rain outside the New York Stock Exchange in New York June 9, 2014. REUTERS/Carlo Allegri

CNBC: Stock futures were lower early Friday morning after President-elect Joe Biden announced details of a $1.9 trillion stimulus plan, one of the top agenda items when his administration begins next week.

Futures contracts tied to the Dow Jones Industrial Average were down 116 points. Those for the S&P 500 and the Nasdaq 100 both traded in negative territory.

Biden’s proposal, called the American Rescue Plan, includes increasing the additional federal unemployment payments to $400 per week and extending them through September, direct payments to many Americans of $1,400, and extending the federal moratoriums on evictions and foreclosures through September.