Stock Futures Rise as Earnings Season Ramps Up

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U.S. stock futures climbed ahead of a slew of earnings releases and testimony by Janet Yellen in which she is expected to support higher coronavirus relief spending.

Futures tied to the S&P 500 rose 0.8%, pointing to a rally after the opening bell. Those linked to the Nasdaq-100 added 1%, suggesting gains in tech stocks.

Earnings season kicks into high gear Tuesday, with Goldman Sachs scheduled to release its results before market open. Netflix is expected to report after hours.

Shares of Bank of America fell 1% in premarket trading after it reported that its quarterly profit fell 22%.

Ms. Yellen is scheduled to speak before the Senate Finance Committee at 10 a.m. ET, which will vote on her nomination for Treasury Secretary. According to a copy of her prepared remarks, she will tell lawmakers that the U.S. risks a longer, more painful recession unless Congress approves more aid, and to encourage them to “act big” to shore up the recovery.

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