REUTERS: Wall Street was set to open higher on Tuesday after upbeat earnings from big U.S. banks and Halliburton, while investors awaited a speech from U.S. Treasury Secretary nominee Janet Yellen that is expected to advocate hefty fiscal spending.
Earnings for S&P 500 companies are likely to decline 7.8per cent in the fourth quarter of 2020 from a year ago, but are expected to rebound in 2021, with a gain of 16.7per cent forecast for the first quarter, according to IBES data from Refinitiv.Wall Street's main indexes dropped on Friday as investors booked profits after a recent rally to record highs on hopes of speedy economic recovery fueled by a hefty fiscal stimulus package and vaccine distribution.
President-elect Joe Biden, who will be sworn into office on Wednesday, outlined a US$1.9 trillion stimulus package proposal last week to jump-start the economy. At 08:40 a.m. ET, Dow E-minis were up 208 points, or 0.68per cent, S&P 500 E-minis were up 25.5 points, or 0.68per cent. Nasdaq 100 E-minis were up 101.5 points, or 0.79per cent.
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