Wall Street’s main indexes were set to open near record highs on Wednesday, as Joe Biden prepared to take charge as U.S. President, while Netflix jumped after saying it will no longer need to borrow billions of dollars to finance its TV shows and movies.
Shares of the world’s largest streaming service surged 13% in premarket trading, helping boost futures tracking the broader tech-heavy Nasdaq 100 index.
U.S. stocks ended higher on Tuesday after Treasury Secretary nominee Janet Yellen urged lawmakers to “act big” to save the coronavirus-ravaged economy and worry about debt later.
Biden, due to take over as the 46th President of the United States just after noon (1700 GMT) on Wednesday, will waste little time turning the page on the Trump era, advisers said, signing a raft of 15 executive actions on issues ranging from the COVID-19 pandemic to the economy to climate change.
Bets on a bigger pandemic relief plan and higher infrastructure spending under the Biden administration, and a Democrat-controlled U.S. Congress have been pivotal in driving major U.S. stock indexes to all-time peaks this month.
“It’s all about the inauguration, focusing first on Biden being placed…