Updated from 5:45 a.m. EST
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Here are five things you must know for Monday, Feb. 13:
1. -- U.S. stock futures traded higher Monday and European and Asian shares posted solid gained after the three major U.S. stock indexes closed at record highs on Friday for the second consecutive session.
The gains were driven by promises on tax reform from the Donald Trump administration and as oil prices rallied.
The S&P 500 rose 0.36% to close Friday at a record 2,316. The Dow Jones Industrial Average gained 0.48% to close at 20,269. The Nasdaq scored its fourth consecutive closing record, gaining 0.33% to 5,734.
Crude oil prices jumped after the International Energy Agency reported Friday that OPEC members and the 11 non-OPEC countries -- which agreed to cut oil production by 1.2 million barrels a day in November -- largely have complied with the production cuts. West Texas Intermediate crude oil settled up 1.6% on Friday but was slipping Monday by 0.6% to $53.53 a barrel.
2. -- The economic calendar in the U.S. on Monday is bare but things heat up Tuesday when Federal Reserve Chair Janet Yellen is scheduled to deliver a semi-annual report on monetary policy to Congress, her first since the central bank raised rates in December.
John Canally, chief economic strategist at LPL Financial, said that Yellen's testimony may be the "catalyst ... to get everyone again talking about the corporate tax plan, the border tax and personal income tax cuts."
Others Fed speakers will be making the rounds this week as well while data on U.S. producer prices and consumer prices will be released on Tuesday and Wednesday, respectively.
3. -- Verizon (VZ) , the largest wireless provider in the U.S., will begin offering plans with unlimited data starting Monday.
Verizon's plan allows customers to obtain unlimited data, talk and text at full LTE speeds at a cost of $80 for a single line or $180 for a family of four. Customers have to sign up for AutoPay and paper-free-billing.
The wireless giant stopped offering unlimited data plans in 2012. The move by Verizon was "inevitable," Roger Entner, a telecom analyst with Recon Analytics, told USA Today as the company was losing ground to competitors T-Mobile (TMUS) and Sprint (S) .
"Verizon is offering something nobody else can: The unlimited plan you want on the wireless network you deserve," said Ronan Dunne, president of Verizon's wireless division.
The stock slipped slightly in premarket trading.
