Shares tend to rise ahead of Tuesday’s opening bell as Biden’s inauguration looms

U.S. equity futures were on the rise ahead of Tuesday’s opening bell as analysts contemplate Joe Biden’s inauguration on Wednesday.

Teleprinter	security	Latest	Change	% Change
I: DJI	MEDIUM DOW JONES	30814.26	-177.26	-0.57%
SP500	S&P 500	3768.25	-27.29	-0.72%
I: COMP	NASDAQ COMPOSITE INDEX	12998.502287	-114.14	-0.87%

Attention is also focused on the start of the new administration as President Donald Trump steps down after four years in office.

“The positive change in investor optimism ahead of inauguration day is a clear signal that the market is leaning toward swift approval of the Biden administration’s political agenda,” Axi’s Stephen Innes said in a commentary. .

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President-elect Joe Biden’s candidate for Treasury secretary, former Federal Reserve chairwoman Janet Yellen, calls on Congress to do more to fight the recession to avoid an even worse recession.

In testimony prepared for his confirmation hearing Tuesday before the Senate Finance Committee, Yellen said more help was needed to distribute vaccines against the coronavirus – key to ending epidemics – in order to reopen schools and help families struggling with job losses to stay fed and housed.

Last week, Biden proposed a $ 1.9 trillion relief plan to provide more help to American families, businesses and local communities and more support for vaccine production and distribution.

While Democrats endorsed the effort, many Republican lawmakers expressed concerns about the price to be paid given soaring federal budget deficits.

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Yellen said she and Biden were aware of the country’s rising debt burden, but ultra-low interest rates now make smarter spending a smart move.

The Senate Finance Committee hearing with Yellen on Tuesday is one of many the Senate will hold as the new Biden administration tries to quickly put its senior Cabinet officials in place.

Adding to the sense of urgency, coronavirus outbreaks have increased even as states strive to get COVID-19 vaccines into the arms of as many people as possible.

Coronavirus deaths are rising in nearly two-thirds of U.S. states as a winter surge pushes the overall toll to 400,000 as warnings that a new, highly contagious variant takes hold.

In Asia, stocks rose on Tuesday as the next guard change in the United States raised hopes of increased support for the economy and more aggressive measures to tackle the pandemic.

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Benchmarks were higher in Tokyo, Seoul and Hong Kong, but slipped in Shanghai. Global markets were submitted on Monday, with US stock exchanges closed for a holiday.

Hong Kong’s Hang Seng gained 1.9% to 29,409.03 and Tokyo’s Nikkei 225 gained 1.4% to 28,633.46. South Korea’s Kospi jumped 2.6% to 3,092.66. In Australia, the S & P / ASX 500 was up 1.2% to 6,742.60. The Shanghai Composite Index slipped 1.1% to 3,557.99. The Indian Sensex jumped 1.3% and stocks rose in most other markets except Malaysia and Indonesia.

Yields on Treasuries have risen from expectations that the US government will borrow much more to pay for the additional stimulus proposed by President-elect Joe Biden, in addition to improved economic growth and higher inflation. The 10-year Treasury yield rose above 1% last week for the first time since last spring and briefly exceeded 1.18% this week. The 10-year Treasury yield was 1.11% on Tuesday.

In other trades, benchmark US crude oil fell 7 cents to $ 52.35 per barrel on electronic trading on the New York Mercantile Exchange. It fell $ 1.20 to $ 52.42 per barrel on Monday.

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Brent, the international standard, gained 31 cents to $ 55.06 a barrel.

The dollar rose to 104.02 Japanese yen from 103.69 yen on Monday night. The euro strengthened to $ 1.2098 from $ 1.2078.