Jason Katz, UBS managing director and senior portfolio manager, talks about his outlook for the economy and the market under the Biden management
U.S. stock futures traded higher after a record day on Wall Street.
The main future indices suggest a gain of 0.1% for the Dow and an increase of 0.4% for the Nasdaq.
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Hopes were high that President Biden’s government would mean more support for the struggling US economy.
A large amount of profits and economic reports can define the direction of the trading day.
The fourth-quarter earnings stop continues, with three Dow members scheduled to report on Thursday. We will receive news from the property and casualty insurer, Travelers, in the morning, with the heavyweights of IBM and Intel technology posting after closing.
On the economic front, the Labor Department will report on new claims for unemployment benefits last week. Note a reduction from 55,000 to 910,000.
The Commerce Department is to report that the number of new homes being built in December has increased to a seasonally adjusted annual rate of 1.56 million, the highest since February. Licenses for future construction are expected to fall to 1.604 million, from 1.635 million, which was the highest reading since August 2006.
Finally, the Federal Reserve of Philadelphia will release its January manufacturing activity index for eastern Pennsylvania, southern New Jersey and Delaware. It is expected to rise to 12.0 from 9.1 in December. A reading above zero means that more manufacturers say business conditions are improving.
In Europe, London’s FTSE changed little, Germany’s DAX added 0.4% and France’s CAC fell 0.1%.
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In Asia, Japan’s Nikkei 225 benchmark rose 0.8%, Hong Kong’s Hang Seng fell 0.1% and China’s Shanghai Composite rose 1.1%.
Data released by the Japanese Ministry of Finance showed that the world’s third largest economy may be recovering, as exports in December increased for the first time in two years.
In Wednesday’s Wall Street session, the S&P 500 rose 1.4%, beating its previous record set earlier this month. The Dow Jones Industrial Average and the Nasdaq compound also recorded high records.
| Ticker | Safety | Last | change | Change % |
|---|---|---|---|---|
| I: DJI | DOW JONES AVERAGE | 31188.38 | +257.86 | + 0.83% |
| SP500 | S&P 500 | 3851.85 | +52.94 | + 1.39% |
| I: COMP | NASDAQ COMPOSITE INDEX | 13457.247715 | +260.07 | + 1.97% |
Biden undertook a series of executive actions in his early hours as president. He also came up with a plan to inject an additional $ 1.9 trillion into the struggling economy, hoping to act quickly, as his Democratic party now controls the White House and the two chambers of Congress.
The hope on Wall Street was that such a stimulus would help keep the economy going until the end of this year, when more widespread COVID-19 vaccinations will bring daily life closer to normal.
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In the energy trade, the US reference oil yielded 36 cents, to $ 52.96 a barrel. Brent crude, the international standard, dropped 36 cents to $ 55.72 a barrel.
The Associated Press contributed to this report.