Futures edge higher
U.S. stock index futures suggest Wall Street will extend gains on Tuesday as quarterly earnings reports queue up.
Amazon (NASDAQ: AMZN), Alphabet (NASDAQ: GOOG), Alibaba (NYSE: BABA), Harley-Davidson (NYSE: HOG), Pfizer (NYSE: PFE), United Parcel Service (NYSE: UPS), Chipotle Mexican (NYSE: CMG), Electronic Arts (NASDAQ: EA) are among the reports on deck today.
As of 5:40 a.m. ET, the blue-chip Dow futures were up 256 points, or 0.85% to 30,366. The S&P 500 futures rose 35.68 points, or 0.95% to 3,801.38 while the tech-heavy Nasdaq 100 futures 133.25 points, or 1.01% to 13,369.75.
Biden pushes GOP senators for a bigger stimulus package
Meanwhile, traders remain hopeful that lawmakers will agree on a fresh coronavirus stimulus package after President Joe Biden began negotiating with Republican senators over his $1.9 trillion stimulus package on Monday.
The president told the 10 Republican senators during the two-hour meeting he is not willing to settle on an insufficient package after they proposed a slimmed down $618 billion plan, which is far below what Biden and Democrats believe is needed to help the economy recover from the pandemic.
No compromise was reached in the two-hour meeting at the White House, and Democrat lawmakers moved ahead with groundwork for passing Biden’s proposal with or without GOP support.
Crude jumps on rising demand and falling inventories
Crude futures were also higher on Tuesday morning, supported by falling U.S. crude stockpiles and increasing fuel demand as the U.S. Northeast has been hit by one of the worst winter snow storm in years.
Last week, official government data showed U.S. crude stockpiles dropped by 2.3 million barrels. The American Petroleum Institute will release its inventory data today, which is expected to show an increase of 367,000 barrels.
As of 5:40 a.m. ET, U.S. West Texas Intermediate (WTI) crude futures were up $1.23, or 2.3% to $54.78 a barrel. Global Brent crude futures were at $57.59, up $1.26, or 2.24% a barrel.
