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U.S. equity futures rose slightly on Thursday as investors awaited details of the new Biden administration’s plans for a new coronavirus relief program.
Stocks linked to the S&P 500 climbed 0.1%, potentially extending Wednesday’s lead, bringing the broad index to its second highest level on record. Those linked to the Dow Jones Industrial Average added 0.3%.
Unemployment claims data on Thursday showed 965,000 people applied for unemployment insurance in the week ended January 9, a significant increase from the previous week and higher than economists had expected, as the surge in Covid-19 cases and new trade restrictions have weighed on the job market.
In the meantime, all eyes are on an expected speech Thursday from President-elect Joe Biden, which is expected to detail the scale of his proposed spending program to support households and businesses during the pandemic.
Further stimulus would benefit the equity markets and strengthen economic growth expectations, said Luc Filip, head of private banking investments at SYZ Private Banking.
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