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Stocks, Yields Rise On Expectations Of “Biden’s Trillions”

US equities futures and global markets shrugged off President Donald Trump’s second impeachment and focused instead on a report on that Joe Biden will unveil a new U.S. $2 trillion stimulus program later in the day, far bigger than even the most “optimistic” expectations. Yet despite the newfound optimism, Emini futures remained in a tight 20 points range in which they have been stuck since Friday’s payrolls report.

Nasdaq 100 E-minis were flat as heavyweight Tesla Inc dropped 1.3% premarket after the electric-car maker was asked to recall 158,000 Model S and Model X vehicles for touchscreen failures that could lead to safety risks. U.S.-listed shares of Taiwan Semiconductor Manufacturing Co Ltd rose 3.1% after it posted its best-ever quarterly profit and hiked revenue and capital spending estimates to record levels as it forecast “multiple years of growth opportunities”.

“This will be a great year for the economy and earnings, but just a good year for the stock market,” Bob Doll, chief equity strategist at Nuveen, said on Bloomberg TV. “In other words, I think multiples are held back a bit because of modestly rising interest rates and inflation.”

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