The disappointing week for stocks came as Biden unveiled his $1.9 trillion plan for economic relief as the country tries to get a handle on the Covid-19 pandemic. Biden is set to be inaugurated on Wednesday, with the National Guard in Washington amid heightened security concerns after a Jan. 6 riot at the U.S. Capitol.
Janet Yellen, Biden’s designated nominee for Treasury Secretary and a former chair of the Federal Reserve, will appear before the Senate Finance Committee on Tuesday. Yellen’s prepared remarks call for the federal government to “act big.” Tuesday also kicks off a heavy week of earnings. Bank of America and Goldman Sachs will report their fourth-quarter results before the bell, with Netflix’s numbers coming after the market closes.
Earnings season got off to a sour start last week. Shares of JPMorgan Chase, Wells Fargo and Citigroup lost ground on Friday after their earnings reports. JPMorgan beat Wall Street estimates on the top and bottom lines, but Wells Fargo and Citi missed revenue expectations. The U.S. stock market was closed on Monday in honor of Martin Luther King Jr. Day.