© Reuters. FILE PHOTO: FILE PHOTO: The boot of the statue of former United States President George Washington is seen on the New York Stock Exchange (NYSE) after Election Day in Manhattan, New York City.
By Medha Singh (Reuters) – US stock index futures held steady on Wednesday as investors took in a recent rally to record highs on betting on a recovery in economic activity fueled by more fiscal stimulus and vaccine launches. . Expectations for a sizeable COVID-19 aid package under President-elect Joe Biden and hopes for a rebound in corporate profits this year have overshadowed concerns about signs that the labor market recovery has stalled amid of rampant COVID-19 infections. Wall Street‘s major indices closed marginally higher Tuesday on the back of economic-linked financial, energy and materials stocks, while the small-cap, sensitive to the domestic outlook, closed at record highs. Investors are watching events in Washington, where the US House of Representatives will vote Wednesday to impeach President Donald Trump for the assault on the US Capitol last week that stunned the nation and left five dead. Officials at the U.S. Federal Reserve said Tuesday that concerns about continued violence pose a risk, but the transition to a new administration on January 20 and a likely accelerated launch of the vaccine have left them optimistic. The new Democratic-controlled Senate will adopt new COVID-19 relief legislation as soon as Democrats take control of the chamber, US Senate Democratic Leader Chuck Schumer said Tuesday. At 6:27 am ET, the Dow E-minis were down 12 points, or 0.04%, and the E-minis were down 4 points, or 0.11%. E-minis were down 11.5 points or 0.09%. Earnings reports from major US banks, including JPMorgan (NYSE 🙂 and Citigroup (NYSE 🙂 will usher in the unofficial start of the fourth quarter earnings season later this week, where investors will evaluate executive comments. looking for clues about America’s corporate health. Exxon Mobil Corp (NYSE 🙂 added 0.9% after JP Morgan raised the stock to “overweight,” its first absolute “buy” recommendation for the major oil company in seven years, saying spending cuts from capital had steered her toward better performance. General Motors Co (NYSE 🙂 added another 3% in premarket operations on top of Tuesday’s 6% increase after the automaker announced its entry into the growing electric delivery vehicle business. Regeneron (NASDAQ 🙂 Pharmaceuticals was up 3.5% in light transactions as the US government said it would buy an additional 1.25 million doses of the company’s COVID-19 antibody cocktail for around $ 2, 63 billion.