Stocks on track for records as frigid Texas weather shuts oil, gas facilities

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U.S. equity markets were set to open in record territory Tuesday morning as traders returned to work following President’s Day weekend to enthusiasm surrounding President Biden’s $1.9 trillion COVID-19 relief plan and quarterly earnings.

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Dow Jones Industrial Average futures were up 177 points, or 0.56%, while S&P 500 futures and Nasdaq Composite futures were both higher by 0.5%. All three of the major averages finished last week at record highs.

Looking at stocks, oil and gas producers were higher Tuesday morning as frigid wintry weather snarled production and refining operations in parts of Texas.

BIDEN SHUTTING DAKOTA ACCESS PIPELINE WOULD CAUSE FOOD PRICES TO SPIKE

Among the companies shutting operations was ExxonMobil Corp. which temporarily shut its Beaumont, Texas, oil refinery, according to a Reuters report, citing sources. The decision comes a day after Exxon closed its complex in neighboring Port Arthur, Texas.

West Texas Intermediate crude oil rose 43 cents to $59.90 per barrel and natural gas jumped 18.5 cents to $3.097 per thousand cubic feet.

Elsewhere, JPMorgan Chase & Co., Goldman Sachs Group and Bank of America Corp. were all trading higher as selling across the Treasury complex caused the yield curve to steepen to its highest level in nearly four years.

In earnings, CVS Health Corp. reported quarterly sales rose 4% from a year ago as COVID-19 testing and vaccine administration provided a lift, helping to partially offset higher costs at its health insurance unit.

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European markets were little changed with Britain’s FTSE 100, France’s CAC 40 and Germany’s DAX 30 all swinging between gains and losses.

In Asia, Japan’s Nikkei 225 climbed 1.28% to its highest level since 1990 while Hong Kong’s Hang Seng index advanced 1.9% as traders returned to work following an extended break for the Lunar New Year. China’s Shanghai Composite index remained closed for holiday.