US pre-open: Futures point to solid gains ahead of December's first session
Wall Street futures had stocks opening higher on the first day of trading for December as last month's historic rally looked set to spill over into the new one.
As of 1245 GMT, Dow Jones futures were up 1.09%, while S&P 500 and Nasdaq-100 futures had the indices opening 1.02% and 0.87% firmer, respectively.
The Dow Jones closed 271.73 points lower on Monday but still managed to turn in its best monthly performance in over 30 years.
In focus on Tuesday, Fed chair Jerome Powell will call the US economic outlook "extraordinarily uncertain" in prepared remarks to Congress.
"The rise in new Covid-19 cases, both here and abroad, is concerning and could prove challenging for the next few months," Powell will say. "A full economic recovery is unlikely until people are confident that it is safe to reengage in a broad range of activities."
The Covid-19 pandemic has now claimed the lives of more than 266,000 Americans, according to Johns Hopkins University, leading New York Governor Andrew Cuomo to implement emergency hospital measures amid the continued rise in new cases.
SpreadEx's Connor Campbell said: "The Dow Jones is aiming for a 320 point surge when trading gets started stateside, a move that would leave it around 20 points adrift of that magic 30,000 milestone.
"It is going to be real interesting to see whether investors can find enough justification against a violent Covid-19 backdrop to allow the Dow to end the year significantly above that record level."
On the macro front, IHS Markit's final manufacturing PMI for November will be published at 1445 GMT, while the ISM's manufacturing PMI, construction spending data and congress testimony from Federal Reserve chairman Jerome Powell will follow at 1500 GMT.
In corporate news, Zoom shares were lower despite posting better-than-expected third-quarter earnings, while Tesla was also in the red after S&P Dow Jones Indices said the electric-car maker would be added to the S&P 500 in a single step despite its large size.
Salesforce, Box and Hewlett Packard will all update on recent trading throughout the course of the day.