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Live news: FedEx upgrades full-year outlook as cost-cutting outweighs lower demand

Yellen: US Treasury secretary Janet Yellen will appear before the Senate finance committee to testify on President Joe Biden’s fiscal year 2024 budget. She will probably be asked about the response from Treasury, the Federal Reserve and the Federal Deposit Insurance Corporation, which implemented measures to calm panic among deposit holders and prevent contagion after the failures of Silicon Valley Bank and Signature Bank.

Earnings: Parcel group FedEx, often an economic bellwether, will report earnings after the market closes. Analysts anticipate the company to have earned $2.70 a share on revenue of $22.7bn, in the quarter to February, compared with $4.20 a share on revenue of $23.6bn during the prior-year period.

Discount retailer Dollar General reports earnings before the opening bell. Analysts predict the chain will have earned $3 a share on revenue of $10.2bn in the three months to January, up from $2.57 a share on revenue of $8.65bn a year before.

Economic data: Economists expect 205,000 claims for state unemployment aid to have been made during the week ending March 11, according to Refinitiv. Such a figure would keep US jobless claims, which are a proxy for lay-offs, above 200,000 for the second week in a row. Separately, economists expect new housing starts in February to have held steady at 1.3mn from January.

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