U.S. markets and stock exchange traded funds pared early losses on Monday as coronavirus concerns are counterbalanced on hopes over fiscal stimulus.

On Monday, the Invesco QQQ Trust (NASDAQ: QQQ) rose 0.7%, SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA) was down 0.3%, and iShares Core S&P 500 ETF (NYSEArca: IVV) gained 0.2%.

The U.S. Senate is looking to pass another robust round of COVID-19 relief legislation before former President Donald Trump’s impeachment trial begins in early February, Reuters reports. The Biden administration is trying to head off Republican concerns that a $1.9 trillion price tag on the next relief proposal is too expensive for Americans.

“We are trying to calibrate not just the amount but the timing of new stimulus, and both of those, side by side are almost impossible to analyze,” Art Hogan, chief market strategist at National Securities, told Reuters. “If you look at the market’s reaction post-election, part of the ramp we have seen, and it’s been pretty significant, has been on the back of likely stimulus and the timing, which is sooner rather than later. Now we have to reset our thinking.”

A resurgence in coronavirus cases has some worried of further shutdowns that would weigh on the nascent economic recovery. Investors will receive a better picture of how corporate America will react as the earnings season goes into high gear this week,

“The way that management will communicate their outlook will be key for markets,” Sophie Chardon, a cross-asset strategist at Lombard Odier, told the Wall Street Journal. “Investors will have to weigh the possibility of vaccinations with the reality of new lockdowns” and the impact on each company.

The optimism over a speedy economic recovery is also faltering, as the rollout of the vaccine efforts have hit hurdles. For instance, AstraZeneca warned Friday that its vaccine deliveries to the European Union fall short of projections.

“The vaccine rollout is not as speedy or smooth as we had hoped in November,” Liz Ann Sonders, chief investment strategist at Charles Schwab, told the WSJ.

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