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Stock futures creep up in front of Biden’s stimulus speech

U.S. stock futures rose slightly Thursday as investors awaited details of the incoming Biden administration’s plans for a new coronavirus virus relief package.

Securities tied to the S&P 500 rose 0.1%, possibly extending Wednesday’s advances, lifting the broad market index to its second-highest level ever. Those linked to the Dow Jones Industrial Average added 0.3%.

Data on vacancies on Thursday showed that 965,000 people applied for unemployment insurance in the week ending January 9, a significant increase over the previous week and higher than economists had expected as the increase in Covid-19 cases and new business restrictions weighed labor market .

Meanwhile, all eyes are on a speech expected Thursday from President-elect Joe Biden, set to specify the scope of his proposed spending package to support households and businesses through the pandemic.

Additional stimulus would be beneficial to the stock markets and strengthen expectations for economic growth, said Luc Filip, head of private banking investments at SYZ Private Banking.

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