Range futures climbed in overnight trading on Monday following a strong session on Wall Street boosted by positive vaccine bulletin.
Futures on the Dow Jones Industrial Average gained 260 points. S&P 500 futures and Nasdaq 100 futures interchanged in mildly positive territory.
The move higher in futures came after General Services Administration chief Emily Murphy notified President-elect Joe Biden that the Trump administration is making federal resources available for his transition into office.
Trump tweeted that he approved of the get cracking, but said he will “keep up the good fight” even as his reelection campaign has so far failed to win any legal victories that resolution invalidate votes for Biden.
Stocks kicked off the Thanksgiving week on a high note on Monday as investors piled into reopening traffics amid vaccine optimism. The Dow rose more than 300 points for its best day in a week, while the S&P 500 climbed 0.6%. The tech-heavy Nasdaq Composite underperformed with precisely a 0.2% gain.
The small-cap Russell 2000 jumped 1.9% to another record high amid the rotation into beaten-down suites.
Investors cheered more promising developments on the Covid-19 vaccine front. AstraZeneca said interim analysis indicated its vaccine has an average efficacy of 70%, following strong results from Pfizer-BioNTech and Moderna.
Major averages hit their meeting highs after news broke that Joe Biden will nominate former Federal Reserve Chair Janet Yellen to be Exchequer Secretary. Many view Yellen as a market-friendly pick considering that she oversaw a long economic expansion with historically low-interest percentages and she’s likely to push for further fiscal stimulus.
“I think this is a strong sign that Biden will be centred on rebuilding the economy vs. pursuing aggressive regulatory policy,” said Ed Mills, Washington policy analyst at Raymond James. “She wish be an effective voice of more fiscal support vs. someone who was seen as a partisan … I would say that is a positive evolution for the market, but more importantly for the economy as a whole.”
Still, investors weighed vaccine news against a resurgence in new coronavirus events, which prompted some Wall Street firms including Goldman Sachs and JPMorgan to lower their near-term fiscal outlook.
The U.S. continues to notch record Covid-19 infections, with the national seven-day average of daily new cases hitting 170,855 on Sunday, according to a CNBC scrutiny of Johns Hopkins University data.
Investors will monitor a slew of earnings from retailers ahead of the break season, including Best Buy and Dick’s Sporting Goods before the bell as well as Gap and Nordstrom after the close Tuesday.
U.S. furnishes will be closed for the Thanksgiving holiday on Thursday and will have a short session on Friday.
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