Dow futures rise 100 points after Wall Street’s losing week

U.S. equity futures rose Monday night as Wall Street looked to bounce back after a tough week before President-elect Joe Biden was inaugurated.

Futures contracts linked to the Dow Jones Industrial Average rose 140 points, or 0.5%. Those of the S&P 500 and Nasdaq 100 added 0.6%.

The move in futures comes after stocks fell last week. The Nasdaq Composite and the S&P 500 lost 1.5%, while the Dow Jones lost 0.9%, respectively. It was the worst week for all three major indices since October.

The disappointing week for stocks came when Biden unveiled his $ 1.9 trillion economic relief plan as the country tries to bring the Covid-19 pandemic under control. Biden is scheduled to be inaugurated on Wednesday, with the National Guard in Washington amid heightened security concerns after a Jan.6 riot at the U.S. Capitol.

“In the coming week, global economic data and U.S. earnings reports will be plentiful, but what matters is whether President-elect Biden’s January 20 inauguration goes smoothly and whether Republicans in the Senate are sending signals of constructive cooperation or replay in 2020, “Julian Emanuel, chief equity and derivatives strategist at BTIG, said in a note to clients on Sunday.

Janet Yellen, Biden’s nominee for Treasury secretary and former Federal Reserve chairwoman, will appear before the Senate Finance Committee on Tuesday. Yellen’s prepared remarks call on the federal government to “act big”.

Tuesday also launches a heavy week of earnings. Bank of America and Goldman Sachs will release their fourth quarter results ahead of the bell, Netflix numbers after the market closes.

The income season got off to a good start last week. JPMorgan Chase, Wells Fargo and Citigroup shares lost ground on Friday after their earnings reports. JPMorgan beat Wall Street estimates up and down, but Wells Fargo and Citi missed revenue forecasts.

The US stock market was closed Monday in honor of Martin Luther King Jr. Day.