US pre-open: Futures point to another positive session on the Street
Wall Street futures were pointing to a positive open on Monday as stocks looked set to continue to build upon last week's sharp gains.
As of 1240 BST, Dow futures were up 0.78%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.54% and 0.12% firmer, respectively.
The Dow closed 829.16 points higher on Friday and the Nasdaq Composite hit at a record intraday high for the first time since 19 February as investors continued to remain optimistic about the reopening of the economy despite ongoing protests across the nation.
As far as this week goes, market participants will be holding out for comments from Federal Reserve chairman Jerome Powell regarding the futures of US interest rates on Wednesday. However, the Fed is expected to reiterate its commitment to unlined asset purchases as part of its efforts to keep markets functioning.
Investors were also focussed on efforts to reopen the US economy in the wake of Covid-19, with reopening plans in various stages across all 50 states, and while traders were backing stocks linked to the reopening of the economy, the likes of California, Utah, Arizona, North Carolina, Florida, Arkansas and Texas have all reported an increase in the number of infections since having lifted restrictions, according to the Wall Street Journal.
In the corporate space, PG&E shares slid in pre-market trading after the Californian firm announced a $3.25bn equity investment at a discounted price, while Gilead stock rallied and AstraZeneca slumped following reports that preliminary talks of a merger between the two had been abandoned.
No major data points were scheduled for release on Monday.