U.S. stock futures rose slightly on Thursday as investors awaited details of the new Biden government’s plans for a new coronavirus relief package.
Bonds linked to the S&P 500 rose 0.1%, potentially extending Wednesday’s advance, which raised the broad market index to the second highest level ever. Those linked to the Dow Jones Industrial Average totaled 0.3%.
Data on unemployment insurance claims on Thursday showed that 965,000 people applied for unemployment insurance in the week ending January 9, a considerable increase compared to the previous week and greater than economists expected, as the increasing cases of Covid-19 and new restrictions on business have weighed on the labor market.
Meanwhile, all eyes are on a speech expected by President-elect Joe Biden on Thursday, which is expected to detail the scale of his proposed spending package to support families and businesses during the pandemic.
An additional stimulus would be favorable for the stock markets and reinforce expectations of economic growth, said Luc Filip, head of private banking investments at SYZ Private Banking.