US stock futures climbed in anticipation of a slew of earnings reports and testimonials from Janet Yellen, in which she is expected to support higher spending on coronavirus relief.
Futures pegged to the S&P 500 were up 0.6%, indicating a rally after the opening bell. Those linked to the Nasdaq-100 added 0.9%, indicating gains in technology stocks.
Earnings season kicks into gear on Tuesday, with Goldman Sachs and Bank of America set to release their results before markets open. Netflix is expected to report after hours.
Ms. Yellen will speak at 10 a.m. ET before the Senate Finance Committee, which will vote on her nomination as Secretary of the Treasury. According to a copy of her prepared remarks, she plans to tell lawmakers that the US risks a longer, more painful recession unless Congress approves more aid, and encourage them to “act big” to support the recovery.
President-elect Joe Biden last week unveiled a plan for a $ 1.9 trillion fiscal stimulus package that would include $ 1,400 direct payments to most households and spending on vaccine distribution. Making it through Congress is one of the first major tests for the upcoming leader, set to be inaugurated on Wednesday.