US pre-open: Futures higher despite chaos overnight in Washington
Wall Street futures had stocks opening higher ahead of the bell on Thursday after Joe Biden was confirmed by Congress as the 46th President of the United States, hours after a mob incited by the incumbent stormed and occupied the Capitol building, resulting in the death of one woman.
As of 1225 GMT, Dow Jones futures were up 0.18%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.34% and 0.75% firmer, respectively.
The Dow closed 437.80 points higher on Wednesday despite a large number of pro-Donald Trump protestors gathered outside the Capitol turned violent, breaking through security barricades and storming the building.
The day's primary focus before the violence broke out in Washington was the Senate run-off race in Georgia, with the Democrats needing to win both seats to take the balance of power from the Republicans
Multiple media outlets had called winners for both seats for the Democrats, with Raphael Warnock and Jon Ossoff beating Kelly Loeffler and David Perdue, respectively, giving both parties 50 seats in the Senate, meaning vice president-elect Kamala Harris would have a tie-breaking vote.
Following the news, Senators, Representatives and staff were locked down and subsequently evacuated as an armed standoff between a rioter and police took place at the doors to the House chamber. Other rioters made it onto the Senate floor, while images also showed a pro-Trump protestor inside House Speaker Nancy Pelosi's office.
The national guard was then called to help to secure the Capitol, while crowds were dispersed by police using teargas and concussion grenades as the nation's capital was placed under a 12-hour curfew.
As far as Biden's confirmation was concerned, Senators and House Representatives certified the electoral college votes in the early hours of Thursday morning in Washington as America reeled at the scenes of anarchy overnight
However, the process was more drawn out than usual after more than 130 Congress members supported Trump's baseless claims of electoral fraud, meaning that each objection had to be debated.
In terms of the reaction on the Street, Markets.com's Neil Wilson said: "No one can accuse the US of tending to lethargy. Turmoil in Washington DC has been largely shrugged off by global markets, as investors bet more stimulus and fiscal expansion from a Democrat-controlled Congress will be the driving force for the upside to show more gains.
"The Dow Jones industrial average ended the day at the record high even as scenes of protestors entering the Capitol were broadcast. The Dow climbed 438 points, or 1.4%, to close at a record high, having touched the 31k level earlier in the session. The S&P 500 rose 0.6% to 3,748, achieving an intra-day high at 3,783. The Russell 200 closed almost 4% higher off the back of the reflation-rotation boost from the Democrat win in Georgia. Any whispered concerns about higher taxes and more regulation are being shouted down by the prospect of more spending."
On the macro front, Challenger jobs cuts numbers will be published at 1230 GMT, while initial jobless claims figures and trade balance data will follow at 1330 GMT and the ISM's non-manufacturing PMI will be released at 1500 GMT.
In the corporate space, Walgreens Boots Alliance, Bed Bath & Beyond, Micron Technology and WD-40 will all update on trading throughout the course of the day.