US stock futures rose slightly on Thursday as investors awaited details on the upcoming Biden government’s plans for a new coronavirus relief package.
Securities pegged to the S&P 500 rose 0.1%, potentially extending Wednesday’s march, pushing the broad market index to its second-highest level ever. Those linked to the Dow Jones Industrial Average added 0.3%.
Unemployment benefit data Thursday showed that 965,000 people filed for unemployment insurance in the week ending January 9, a significant increase from the previous week and higher than economists expected as the rise in Covid-19 cases and new business restrictions weighed on on the labor market.
Meanwhile, all eyes are on a speech expected Thursday from President-elect Joe Biden, which will outline the magnitude of his proposed spending package to support households and businesses during the pandemic.
Additional stimulus measures would benefit equity markets and bolster expectations for economic growth, said Luc Filip, Head of Private Banking Investments at SYZ Private Banking.