U.S. stock futures climbed ahead of a slew of earnings releases and testimony by Janet Yellen in which she is expected to support higher coronavirus relief spending.
Futures tied to the S&P 500 rose 0.6%, pointing to a rally after the opening bell. Those linked to the Nasdaq-100 added 0.9%, suggesting gains in tech stocks.
Earnings season kicks into high gear Tuesday, with Goldman Sachs and Bank of America scheduled to release their results before markets open. Netflix is expected to report after hours.
Ms. Yellen is scheduled to speak before the Senate Finance Committee at 10 a.m. ET, which will vote on her nomination for Treasury Secretary. According to a copy of her prepared remarks, she plans to tell lawmakers that the U.S. risks a longer, more painful recession unless Congress approves more aid, and to encourage them to “act big” to shore up 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. Passing it through Congress is one of the first major tests for the incoming leader, who will be inaugurated Wednesday.
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