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U.S. equity futures rose ahead of a series of earnings releases and testimonials from Janet Yellen in which she is expected to support increased spending on coronavirus relief.
Futures contracts linked to the S&P 500 rose 0.6%, indicating a rally after the opening bell. Those linked to the Nasdaq-100 added 0.9%, suggesting gains in tech stocks.
The earnings season kicks off Tuesday at high gear, with Goldman Sachs and Bank of America due to report results before markets open. Netflix is expected to report after hours.
Ms. Yellen is scheduled to speak to the Senate Finance Committee at 10 a.m. ET, which will vote on her appointment as Secretary of the Treasury. According to a copy of her prepared remarks, she plans to tell lawmakers that the United States risks a longer and more painful recession unless Congress approves more aid, and to encourage them to “act big” to. support the recovery.
President-elect Joe Biden unveiled a plan for a $ 1.9 trillion fiscal stimulus package last week, which would include direct payments of $ 1,400 to most households and spending on vaccine distribution. Getting it through Congress is one of the first major tests for the new leader, who will be inaugurated on Wednesday.
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