U.S. stock futures rose slightly on Thursday as investors waited for details of the incoming Biden government’s plans for a new coronavirus relief package.
Securities linked to the S&P 500 climbed 0.1%, potentially increasing Wednesday’s lead, raising the broad-market index to its second-highest level ever. Those linked to the Dow Jones industrial average added 0.3%.
Unemployment claims data on Thursday showed that 965,000 people applied for unemployment insurance in the week ended January 9, a significant increase over the previous week and higher than economists expected, as the increase in Covid-19 cases and new business constraints the labor market.
Meanwhile, all eyes are on a speech expected Thursday by President-elect Joe Biden, who will outline the scope of his proposed spending package to support households and businesses through the pandemic.
Additional stimulus will be favorable for stock markets and strengthen expectations for economic growth, says Luc Filip, head of private banking investments at SYZ Private Banking.