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U.S. Futures Edge Increased; Stimulus Eyed Amid Political Turmoil By


© Reuters.

From Peter Nurse – US stocks open higher Tuesday, recovering from last session’s losses. Investors are looking for additional fiscal stimulus amid the ongoing political turmoil.

At 7:15 a.m. ET (1215 GMT) the contract rose 54 points or 0.2%, traded 8 points or 0.2% higher, and rose 40 points or 0.3%.

The closing price fell 0.3% on Monday, triggering the winning streak of 2021, while the closing price fell 0.6% and earnings fell 1.2%. The DJIA has not fallen on consecutive days since December 9-10.

The United States lost more than 22,000 lives to Covid-19 last week, a second consecutive weekly record. The total death toll is now 375,000.

This increase and the associated economic damage prompted President-elect Joe Biden to promise further economic stimulus “in trillions of dollars” late last week. More details are expected to follow in an official announcement on Thursday, which will support the markets at their current elevated levels.

The ramifications of last week’s violence on Capitol Hill continue to be felt in political circles. The House of Representatives introduced an impeachment article on Monday accusing Trump of “inciting insurrection” and plans to vote on it this week.

Fears are also growing that there could be further disruptions in the days leading up to Biden’s inauguration on January 20. The FBI said it had received information that “armed protests” are planned in all 50 state capitals and Washington.

In terms of economic data, Tuesday’s main release will be the November data at 10 a.m.PET (1400 GMT), following the disappointing Friday release.

A number of Federal Reserve speakers will also be of interest, especially after a number of regional Fed presidents hinted that the central bank’s “tapering” of bond purchases could begin in late 2021.

On corporate news, the social media giants will remain in focus after Facebook (NASDAQ :), Twitter and Amazon (NASDAQ 🙂 curtailed speech they said increases the risk of further violence.

The price of oil rose on Tuesday and hit an 11-month high. This was backed up by Saudi Arabia’s promise last week to voluntarily cut production.

The focus will now be on the release of reports on US oil stocks late Tuesday and Wednesday.

Futures traded 1.3% higher at $ 52.95 a barrel while the international reference contract rose 1.3% to $ 56.39.

Elsewhere, it rose 0.3% to $ 1,857.10 / ounce while it rose 0.1% to 1.2152.

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