Dow Futures Up 180 Pts; Biden to Unveil Budget

Dow Futures Up 180 Pts; Biden to Unveil Budget

© Reuters.

By Peter Nurse   

Investing.com - U.S. stocks are seen opening higher Friday, amid growing optimism over the economic recovery with President Biden set to unveil a fiscally-expansive budget.

At 7 AM ET (1200 GMT), the contract was up 180 points, or 0.5%, traded 17 points, or 0.4%, higher, and climbed 60 points, or 0.4%.

Wall Street has pushed higher this week, with the broad-based up 1.1% week to date, the blue-chip 0.8% higher and the tech-heavy gaining nearly 2%.

Confidence is growing about the health of the world's largest economy, with first-time falling to a new pandemic low. Also helping were reports that President is set later Friday to unveil a budget that would increase federal spending to $6 trillion in the coming fiscal year.

The economic data slate is full Friday, with and set to be released along with the Fed's favorite gauge of inflation, the price Index. The PCE is seen increasing 2.9% in April year-over-year, considerably above the central bank's nominal 2% target.

In the corporate sector, Salesforce (NYSE:) will be in focus Friday, with its stock up 5% premarket, after the software