Wall Street futures are pointing at a green open as Joe Biden is expecting to finally see his US$1.9 trillion stimulus package passed through the House of Representatives later on Wednesday.
“While traders have been looking for this package as means to turbocharge the US economic recovery, there are plenty of questions over the impact it could have upon inflation,” commented Joshua Mahony, analyst at IG.
“Inflation expectations have already been soaring in the US, and the passing of this huge stimulus package adds further fuel to the fire. While Powell will try to soothe concerns that the Fed will need to tighten policy in the event of rising prices, the key questions is whether this package will accelerate the widespread expectations for a significant bounce in 2021 inflation levels.”
In a busy day for markets, Bumble Inc. (NASDAQ:BMBL) is set to release its first results after the Valentine’s Day IPO, same as Reddit darling AMC Entertainment Holdings Inc (NYSE:AMC).
Four things to watch for on Wednesday:
- Notable earnings for Wednesday include computing firm Oracle Corp (NYSE:ORCL) and food firm Campbell Soup Co (NYSE:CPB)
- Shares in General Electric Co (NYSE:GE) will also be in focus after the conglomerate agreed to merge its aircraft leasing unit with its rival AerCap in a deal worth around US$30bn
- Pfizer Inc (NYSE:PFE) could also draw attention following news that the EU Commission said the company and its partner BioNTech will supply 4mln more doses of its coronavirus vaccine
- On the macro front, US inflation data will be the big news, while a monthly budget statement could also draw some eyes as the US House of Representatives prepares to vote on the stimulus package
Story by ProactiveInvestors
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