U.S. stock futures soared ahead of a series of earnings disclosures and testimonials from Janet Yellen, in which she is expected to support increased spending on coronavirus aid.
Futures contracts linked to the S&P 500 rose 0.6%, pointing to an increase after the opening bell. Those linked to the Nasdaq-100 rose 0.9%, suggesting gains in technology stocks.
The earnings season begins at a high speed on Tuesday, with Goldman Sachs and Bank of America scheduled to release their results before markets open. Netflix must report after hours.
Ms. Yellen is scheduled to speak to the Senate Finance Committee at 10 am ET, which will vote on her nomination for Secretary of the Treasury. According to a copy of her prepared comments, she plans to tell lawmakers that the US risks a longer and more painful recession unless Congress approves more aid, and encourages them to “act big” to support the recovery.
President-elect Joe Biden unveiled a plan for a $ 1.9 trillion fiscal stimulus package last week, which would include direct payments of $ 1,400 to most families and spending on vaccine distribution. Congressional approval is one of the first major tests for the new leader, which will open on Wednesday.