Steven Mnuchin asked the Fed to return the unused $455B given to it under the CARES Act
Stock futures were mixed Friday after the U.S. Treasury moved to end some coronavirus pandemic lending programs given to the Federal Reserve that the central bank considered "essential."
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Dow futures were off 61 points, a decline of 0.2%, but up from the lows of the session. The S&P 500 was off 0.1%, while the tech-heavy Nasdaq Composite rose by a similar amount.
After the close of trading Thursday, Treasury Secretary Steven Mnuchin wrote a letter to Fed Chairman Jerome Powell, asking the Fed to return the unused $455 billion given to it under the CARES Act to help the struggling U.S. economy.
The move was not expected by Fed officials, who immediately told Mnuchin the programs should be extended after Mnuchin's letter was made public.
Cases of COVID-19 have accelerated in recent days, with the country reporting 170,161 new cases Wednesday, the second-highest daily figure. More than 11.7 million people have been infected by the virus, resulting in over 252,000 deaths, according to data compiled by Johns Hopkins University.