Stock futures tanked Sunday evening as Congress struggled to reach a deal to pass massive economic relief legislation.
Futures for the S&P 500 fell by 5%, forcing a stop to trading just minutes after trading opened.
Expectations for stocks declined just as the Senate began voting to advance a Republican-authored $2 trillion economic relief bill without Democratic sign-on. Democrats stopped the bill from advancing.
Members of both parties and President Trump had hoped to enact the legislation by Monday. But Democrats said that the GOP bill was too partisan to support. Democrats were seeking to attach more safeguards to federal assistance given to industries hammered by the coronavirus pandemic.
The bill is meant to provide direct cash to families, grants to small businesses that keep employees on payroll, emergency loans to businesses, and other forms of relief for individuals, industries, and the healthcare system.
Economists are anticipating the unemployment will soar in the weeks ahead as entire sectors shut down to prevent the spread of the virus.
Markets have seen extreme volatility in recent weeks as investors try to gauge the extent of the pandemic and the government response.
