Stocks are heading higher ahead of the opening bell on Tuesday as Biden’s inauguration approaches

US Equity Futures It was heading higher before the opening bell on Tuesday as analysts look to the opening on Wednesday Joe Biden.

Attention is also focused on the start of the new administration with President Donald Trump leaving after four years in office.

“The positive shift in investor optimism ahead of the opening day is a clear indication that the market is leaning towards an early stamp of approval of the Biden administration’s policy agenda,” Axi’s Stephen Innes said in a commentary.

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President-elect Joe Biden’s Chancellor of the Exchequer nominee, former Federal Reserve Chair Janet Yellen, has called on Congress to do more to fight the recession to avoid a worse downturn.

In testimony prepared for her confirmation hearing on Tuesday before the Senate Finance Committee, Yellen said more aid was needed to distribute coronavirus vaccines – a key to ending the outbreak – to reopen schools and help families struggling with job losses to feed and house them.

Last week, Biden proposed a $ 1.9 trillion relief plan to provide more aid to American families, businesses and communities and more support for vaccine production and distribution.

While Democrats supported these efforts, many Republican lawmakers expressed concerns about the price given the high federal budget deficit.

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Yellen said she and Biden were aware of the nation’s mounting debt burden, but that extremely low interest rates now make spending more a smart option.

The Senate Finance Committee hearing with Yellen on Tuesday is one of several the Senate will convene as the incoming Biden administration tries to quickly appoint top government officials to their posts.

In addition to the sense of urgency, the Corona virus outbreak has spread even as countries work to introduce COVID-19 vaccines into the arms of as many people as possible.

Coronavirus deaths are increasing in nearly two-thirds of the US states as the winter wave pushed the total number of victims to 400,000 amid warnings of the spread of a new highly contagious species.

In Asia, stocks rose on Tuesday as the upcoming change of caution in the United States raised hopes for more support for the economy and tougher measures to combat the epidemic.

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Standards were higher in Tokyo, Seoul and Hong Kong but lower in Shanghai. Global markets fell on Monday, with US stock exchanges closed for a holiday.

The Hang Seng in Hong Kong rose 1.9% to 29409.03 and the Nikkei 225 in Tokyo rose 1.4% to 28,633.46. South Korea’s Kospi jumped 2.6% to 3,092.66. In Australia, the S & P / ASX 500 rose 1.2% to 6,742.60. The Shanghai Composite slipped 1.1% to 3,557.99. India’s Sensex jumped 1.3 percent and shares rose in most other markets except for Malaysia and Indonesia.

Treasury yields rose amid expectations that the US government will borrow significantly more to pay the additional stimulus proposed by President-elect Joe Biden, as well as improved economic growth and higher inflation. The yield on the 10-year Treasury rose above 1% last week for the first time since last spring and briefly exceeded 1.18% this week. The yield on the 10-year Treasury note was 1.11% on Tuesday.

In other trading, benchmark US crude oil lost 7 cents to $ 52.35 a barrel in electronic trading on the New York Mercantile Exchange. It shed $ 1.20 to $ 52.42 a barrel on Monday.

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Brent crude, the international benchmark, rose 31 cents to $ 55.06 a barrel.

The dollar rose to 104.02 yen from 103.69 yen on Monday evening. The euro rose to $ 1.2098 from $ 1.2078.