U.S. stock futures have climbed ahead of a slew of earnings releases and testimony by Janet Yellen in which she is expected to support higher spending on coronavirus assistance.
Futures linked to the S&P 500 rose 0.6%, indicating a rally after the opening clock. Those linked to the Nasdaq-100 added 0.9%, indicating an increase in technology stocks.
The earnings season begins Tuesday with high acceleration, with Goldman Sachs and Bank of America announcing their results before the market opens. Netflix is expected to report after hours.
Me. Yellen is expected to speak before the Senate Finance Committee at 10 a.m. ET, which will vote on her appointment as treasury secretary. According to a copy of her prepared remarks, she intends to tell lawmakers that the U.S. is daring a longer, more painful recession unless Congress approves more aid, and encourages them to “take big action” to promote the recovery .
Elected President Joe Biden last week unveiled a plan for a $ 1.9 billion fiscal stimulus package, which would include direct payments of $ 1,400 to most households and spending on vaccine distribution. Passing it through Congress is one of the first major tests for the incoming leader, who will be inaugurated Wednesday.