5 Things to Know

5 things to know before the stock market opens Tuesday

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1. Dow set to resume its winning ways

This combination of pictures created on January 15, 2021 shows US President Donald Trump at the White House in Washington, DC, on July 29, 2020 and Democratic presidential nominee and former Vice President Joe Biden in Dallas, Pennsylvania, on October 24, 2020.
Getty Images

Dow futures rose nearly 200 points Tuesday, the last full day of Donald Trump's presidency ahead of Wednesday's inauguration of President-elect Joe Biden. The Dow Jones Industrial Average fell 177 points Friday, capping a mostly lower week and marking the first weekly decline in the past five weeks. However, the Dow remained less than 1% from its closing record high early this month.

The crush of bank earnings continued Tuesday morning, with Bank of America reporting fourth-quarter profit that beat estimates as the firm released some of the cash it had set aside for loan losses. Revenue of $20.2 billion fell short of expectations. BofA also announced a stock buyback plan and said it would maintain its dividend. Shares dropped more than 1% in the premarket.

Dow stock Goldman Sachs rose about 2% in the premarket after the firm delivered fourth-quarter earnings and revenue that beat estimates. Stronger-than-expected stock trading and investment banking activity are credited. Netflix headlines Tuesday afternoon earnings reports.

2. Yellen goes before Senate panel for confirmation hearing

U.S. Secretary of the Treasury nominee Janet Yellen speaks during an event to name President-elect Joe Biden’s economic team at the Queen Theater on December 1, 2020 in Wilmington, Delaware.
Alex Wong | Getty Images

Janet Yellen, Biden's nominee for Treasury secretary, will tell the Senate Finance Committee on Tuesday that the government must "act big" with its next coronavirus relief measure. The president-elect outlined a $1.9 trillion stimulus package last week. In prepared testimony for her confirmation hearing, the former Fed chief also said the U.S. economy must be rebuilt "so that it creates more prosperity for more people."

3. Biden's planned 10-day blitz of executive action

Signage for the Presidential inauguration on a barrier outside the White House in Washington, D.C., U.S., on Monday, Jan. 18, 2021.
Al Drago | Bloomberg | Getty Images

Biden is planning on a 10-day blitz of executive action on what his administration is calling the "four crises" facing the country: Covid, the economic downturn, racial injustice and climate change. Biden chief of staff Ron Klain told CNN on Sunday the president-elect is going to come back to the White House after his inauguration and "take some immediate actions to move the country forward." Klain also said Biden's inaugural address would be "a message of moving this country forward, a message of unity, a message of getting things done."

4. Covid memorial set as U.S. virus deaths near 400,000

The "Field of Flags" is illuminated on the National Mall as the U.S Capitol Building is prepared for the inauguration of President-elect Joe Biden, in Washington, U.S., January 18, 2021.
Joe Raedle | Reuters

Biden's inauguration committee is set to hold a memorial to remember the lives lost to Covid-19 on Tuesday evening in Washington as U.S. deaths from the coronavirus neared 400,000. The president-elect is expected to speak at the commemoration. On Monday, the incoming Biden administration said it won't lift an entry ban on most visitors from Europe and Brazil, shortly after Trump ordered an end to those travel restrictions. The outgoing president first put the Covid rules in place in March.

5. Senate awaits Trump impeachment article

U.S. National Guard riot shields are laid out at the ready outside the U.S. Capitol Building on Capitol Hill in Washington, U.S., January 13, 2021.
Jim Bourg | Reuters

The Senate, which returns Tuesday, awaits the transfer of the single article of impeachment against Trump for inciting the Jan. 6 attack on the U.S. Capitol. Trump's impeachment trial won't likely begin until after he leaves office. The Republicans still call the shots in the Senate until Georgia's two new Democratic senators are sworn in, which will then flip the majority in the chamber with 50-50 split and Vice President-elect Kamala Harris as the tie-breaking vote.

— The Associated Press and Reuters. Follow all the developments on Wall Street in real time with CNBC Pro's live markets blog. Get the latest on the pandemic with our coronavirus blog.