US pre-open: Futures have rally continuing into Wednesday
Wall Street futures had stocks opening higher on Wednesday following a strong rally in the previous session.
As of 1230 BST, Dow futures were up 0.71%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.63% and 0.55% firmer, respectively.
The Dow Jones closed 526.82 points higher on Tuesday as stronger-than-expected retail figures and news of more monetary and fiscal policy support from the Federal Reserve and the White House boosted sentiment.
Market participants were continuing to watch the situation in the US with some concern on Wednesday, especially after the National Institute of Allergy and Infectious Diseases' Anthony Fauci warned of a need to move quickly in order to avoid a second surge in cases in various states.
While testimony from Fed chair Jerome Powell provided some support yesterday, he also stated that he remained cautious on the outlook for the US economy.
Investors were also seemingly optimistic that the White House will be able to pull together a $1trn infrastructure package.
"Despite cautious words from Fed chair Jerome Powell, Tuesday saw investors giddy at the thought of Trump's potential $1 trillion infrastructure spending plan, a sharp rebound in US retail sales AND reports of a 'major breakthrough' regarding the use of cheap steroid dexamethasone in reducing Covid-19 mortality," SpreadEx's Connor Campbell. "The residue of those gains was seen on Wednesday morning"
On the macro front, building permits and housing starts data will be published at 1330 BST, while Fed chairman Jerome Powell will again deliver testimony at 1700 BST.
No major corporate earnings were scheduled for release on Wednesday.