Traders on the floor of the New York Stock Exchange.
Source: New York Stock Exchange
U.S. stock futures soared on Monday night, with Wall Street trying to recover from a difficult week before President-elect Joe Biden took office.
Futures contracts linked to the Dow Jones Industrial Average rose 140 points, or 0.5%. S&P 500 and Nasdaq 100 added 0.6%.
The move in the futures market comes after a drop in stocks last week. The Nasdaq Composite and the S&P 500 lost 1.5%, while the Dow fell 0.9%, respectively. It was the worst week for the top three indices since October.
The disappointing week for stocks came when Biden unveiled his $ 1.9 trillion economic relief plan as the country tries to control the Covid-19 pandemic. Biden is due to open on Wednesday with the National Guard in Washington amid security concerns after a January 6 riot at the United States Capitol.
“In the week ahead, global economic data and US earnings reports will be plentiful, but what matters is whether President-elect Biden’s inauguration on 1/20 occurs peacefully and whether Republicans in the Senate send signs of constructive cooperation. or a repeat of 2020, “BTIG’s chief equity and derivatives strategist Julian Emanuel said in a note to clients on Sunday.
Janet Yellen, appointed by Biden as Treasury Secretary and former chairman of the Federal Reserve, will appear on the Senate Finance Committee on Tuesday. Yellen’s prepared comments ask the federal government to “act big.”
Tuesday also starts a week full of profits. Bank of America and Goldman Sachs will present their results for the fourth quarter before the bell, with Netflix figures coming in after the market closes.
The earnings season got off to a bad start last week. JPMorgan Chase, Wells Fargo and Citigroup shares lost ground on Friday after their earnings reports. JPMorgan exceeded Wall Street’s top and bottom line estimates, but Wells Fargo and Citi lost revenue expectations.
The US stock market closed on Monday in honor of Martin Luther King Jr ..