Traders on the floor of the New York Stock Exchange.
Source: New York Stock Exchange
US futures rose on Monday night, while Wall Street sought to recover from a hard week before the inauguration of President-elect Joe Biden.
Dow Jones industrial average futures rose 140 points, or 0.5%. Those for the S&P 500 and Nasdaq 100 added 0.6%.
The move into the future comes after a drop in stocks last week. Nasdaq Composite and S&P 500 lost 1.5%, while Dow fell 0.9%, respectively. It was the worst week for the three major indices in October.
The disappointing week of action came when Biden unveiled his $ 1.9 trillion plan for economic aid as the country struggles to cope with the Covid-19 pandemic. Biden is set to be inaugurated Wednesday with the National Guard in Washington amid heightened security concerns following a January 6 US Capitol riot.
“Next week, global economic data and US revenue reports will be plentiful, but what matters is whether President Biden’s inauguration on 1/20 takes place peacefully and whether Republicans in the Senate send signals of constructive cooperation or resumption. in 2020 “BTIG chief strategist Julian Emanuel said in a note to customers on Sunday.
Janet Yellen, nominated by Biden as secretary of the treasury and former chairman of the Federal Reserve, will appear before the Senate Finance Committee on Tuesday. Yellen’s remarks call on the federal government to “act at sea.”
A tough week of earnings starts on Tuesday. Bank of America and Goldman Sachs will report fourth-quarter results before the bell, with Netflix numbers closing the market.
The earnings season began with a sour start last week. Shares of JPMorgan Chase, Wells Fargo and Citigroup lost ground on Friday after their earnings reports. JPMorgan exceeded Wall Street estimates on the top and bottom lines, but Wells Fargo and Citi missed revenue expectations.
The US stock exchange closed on Monday in honor of Martin Luther King Jr. Day.