U.S. stock futures rose Wednesday on optimism that the rollout of Covid-19 vaccines and progress toward a deal on a new fiscal-stimulus bill augur well for the economic rebound.
Futures tied to the S&P 500 climbed 0.5% while Dow Jones Industrial Average futures gained 0.7%, suggesting that both benchmarks will advance after the New York opening bell. Contracts on the Nasdaq-100 Index gained 0.5%, pointing to gains for technology stocks a day after investors pulled funds from the sector, sending broader gauges down.
Stocks have been jittery in recent days, with the major indexes wavering daily between losses and gains.
On Wednesday, sentiment was buoyed by signals that Democrats will seek to bridge differences over jobless benefits and other issues as they aim to complete a $1.9 trillion relief package in coming days. Mr. Biden also said the U.S. would have enough Covid-19 vaccines for all American adults by the end of May, two months earlier than he had previously said.
“The vaccine rollout is going extremely well compared to many expectations,” said Seema Shah, chief strategist at Principal Global Investors. “And at a time when it looks like the economy could recover on its own, we also have the prospect of fiscal stimulus in the background, and it is leading many people to upgrade their U.S. growth expectations.”