Positive earnings updates set Wall St. for higher open; Fed in focus

Of the 163 S&P 500 firms that have reported results, 79.1% have surpassed a low bar of quarterly profit expectations, according to Refinitiv IBES data, well above the average of 59% of companies beating profit estimates over the past four quarters.

No major policy decisions are expected in the Fed’s statement at 2 p.m. ET , which will be followed by Chair Jerome Powell’s press conference. Republicans in the U.S. Congress, White House and Democrats still struggled to find a deal on the $1 trillion coronavirus aid package, as the expiry of a $600-per-week enhanced coronavirus unemployment benefit loomed.

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