Contracts on the Dow added 0.2% as the overnight session kicked off
Stock futures rose Tuesday evening, extending earlier advances as investors looked ahead to the first actions of the incoming Biden administration.
Contracts on the Dow added more than 50 points, or 0.2%, as the overnight session kicked off. Shares of Netflix spiked 12% in late trading after the company added more users than expected in the fourth quarter and surpassed 200 million paid subscribers for the first time ever.
On Wednesday, all eyes will turn to the inauguration of President-elect Joe Biden, which will take place at the West Front of the Capitol around noon in a scaled-down, socially distant event.
In his first hours in office, Biden is set to immediately begin signing executive actions to address the pandemic, virus-stricken economy, climate change and racial equity, according to a memo over the weekend from incoming White House Chief of Staff Ron Klain.
Moreover, Biden is set to quickly begin pushing to get more virus relief aid into the economy, after having unveiled a $1.9 trillion proposal last week that would include increased stimulus checks, extended unemployment benefits and aid to state and local governments, among other measures.
Janet Yellen, Biden’s nominee for Treasury Secretary, advocated for significant additional coronavirus relief spending during her confirmation hearing before the Senate Finance Committee on Tuesday, and added that she would work with the Biden administration on its other priorities as well, including increasing infrastructure investment, enacting environmental protection legislation and eventual tax reforms.
Still, her discussions of the $1.9 trillion stimulus package received some push-back from Republican lawmakers, many of whom balked at passing another major package that they suggested might not be targeted enough to provide support only to those who need it most.
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