Futures of U.S. stocks rose slightly on Thursday as investors awaited details of the Biden administration’s plans for a new coronavirus relief package.
Securities tied to the S&P 500 rose 0.1%, potentially expanding Wednesday’s advance, which raised the broad market index to the second-highest level in history. Those linked to the Dow Jones industrial average added 0.3%.
Unemployment claims data showed on Thursday that 965,000 people applied for unemployment insurance the week ended Jan. 9, a sizeable increase from the previous week and higher than economists had expected, as the rise in Covid-19 cases and new business restrictions weighed on the labor market.
Meanwhile, all eyes are on a speech expected Thursday from President-elect Joe Biden, which will detail the scale of his proposed spending package to support households and businesses through the pandemic.
An additional stimulus would be favorable to equity markets and boost economic growth expectations, said Luc Filip, head of private banking investments at SYZ Private Banking.