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Stimulus hopes lift futures to all-time highs

February 16, 2021
in Markets & Economy
0
Stimulus hopes lift futures to all-time highs

By Devik Jain, Shreyashi Sanyal

(Reuters) – U.S. stock index futures hit record highs on Tuesday with investors piling into economically sensitive stocks such as energy and banks on hopes of more fiscal aid to lift the world’s biggest economy from a coronavirus-driven slump.

Morgan Stanley, Goldman Sachs, JPMorgan Chase & Co, Citigroup Inc and Bank of America Corp rose between 1.2% and 1.5% in premarket trading as 10-year U.S. Treasuries touched their highest since late March. [US/]

Oil stocks ExxonMobil Corp, Marathon Oil, Devon Energy Corp and shale-focused player Occidental Petroleum Corp gained between 2.7% and 4.6% after oil prices jumped to a 13-month high.

The benchmark S&P 500 and the blue-chip Dow scaled new highs last week as investors swapped growth-oriented stocks including technology, which led Wall Street’s recovery from a COVID-19-induced crash last year, for under-priced value stocks that are poised to benefit from economic growth.

President Joe Biden has pushed ahead with his plan to pump an extra $1.9 trillion in stimulus into the economy. [MKTS/GLOB]

By 6:48 a.m. ET, Dow e-minis were up 205 points, or 0.65%, S&P 500 e-minis were up 21.75 points, or 0.55%, and Nasdaq 100 e-minis were up 74.5 points, or 0.54%.

A largely upbeat fourth-quarter earnings season has also reinforced hopes of a quick business recovery this year.

This week’s earnings reports from Hilton Worldwide Holdings Inc, Hyatt Hotels Corp, Marriott International Inc, Norwegian Cruise Lines and TripAdvisor Inc will be closely watched for signs of a pickup in global travel demand.

Shares of cryptocurrency and blockchain-related firms including Silvergate Capital Corp, Riot Blockchain and Marathon Patent Group jumped between 5% and 9% as bitcoin crept toward $50,000.

Focus this week is also on the minutes from the Federal Reserve’s January meeting, where it kept interest rates unchanged and reaffirmed its commitment to maintain a dovish policy stance.

Reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Anil D’Silva

Our Standards: The Thomson Reuters Trust Principles.

Reuters

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