Stock futures point to gains, with Powell running for a second term as Federal Reserve Chairman

US stocks headed towards opening gains following news that President Biden will nominate Jerome Powell for a second term as Federal Reserve Chairman.

The decision, revealed Monday before the stock market opened, ended a guessing game over who would lead the Fed during the period when the central bank is expected to undo its coronavirus-era stimulus measures. The Federal Reserve this month approved plans to scale back its bond-buying program, and high inflation has prompted market participants to expect higher interest rates next year.

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