Dow and S&P futures perk on Biden’s stimulus plan By Reuters

© Reuters. FILE PHOTO: A Wall Street sign is displayed outside the New York Stock Exchange in New York City.

By Devik Jain and Medha Singh (Reuters) – Futures following the Dow and Dow rose on Thursday as investors waited for details on President-elect Joe Biden‘s stimulus proposals and data on a labor market that is struggling to recover. The number of Americans filing for unemployment benefits rose to 795,000 last week from 787,000, the Labor Department report is expected to show, which could underscore the impact of resurgent COVID-19 infections on the job market. However, the major Wall Street indices are near record highs and the S&P 500 has risen in six of the last seven sessions as investors count on President-elect Joe Biden to unveil a stimulus plan Thursday night. that could exceed $ 1.5 trillion to jump-start the economy. Analysts have said that short-term political uncertainties in Washington, a relentless rise in coronavirus cases and a slower-than-expected launch of vaccines could impede gains for stocks in the short term. President Donald Trump became the first president in U.S. history to be indicted twice when the House voted 232-197 on Wednesday to accuse him of inciting a riot on Capitol Hill. Impeachment proceedings threaten to delay the start of Biden’s term. At 6:51 am ET, the Dow E-minis were up 77 points, or 0.25%, and the S&P 500 E-minis were up 4.25 points, or 0.11%. E-minis were down 19 points, or 0.15%, as heavyweight Tesla (NASDAQ 🙂 Inc fell 1.3% pre-market after the electric car maker was asked to withdraw from the market. market 158,000 Model S and Model X vehicles for touch screen failures that could create safety risks. US shares of Taiwan Semiconductor Manufacturing Co Ltd rose 3.1% after it posted its best quarterly earnings and boosted revenue and capital expenditure estimates to record highs as it forecast “multiple years of growth opportunities.” Attention is shifting to earnings season with results from JPMorgan (NYSE 🙂 and Citigroup (NYSE 🙂 and other large banks scheduled for Friday. Corporate guidance for Q1 and 2021 will be key for investors as new lockdowns threaten to delay the recovery of corporate earnings, according to investment banks.

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