Stocks gained, bonds dropped and the dollar rose on Wednesday as prospects of an effective COVID-19 vaccine outweighed nagging worries over surging infections, while the rotation out of tech reversed. Oil rose for a third day amid prospects for a global economic rebound in 2021.
S&P futures jumped on Wednesday, rising 0.8% or 27 points to 3,567 as covid vaccine hopes eclipsed pandemic concerns even as some states braced for new business restrictions to combat surging infections. A wide universe of shares rose in pre-market trading, from General Motors to PayPal Holdings to oil producers Exxon and ConocoPhillips.
However, unlike Tuesday when tech stocks were hammered, Nasdaq 100 futures also rose more than 1% after underperforming this week, with technology mega-cap Stay At Home stocks including Netflix, Amazon.com and Facebook Inc, gaining about 1% in premarket trading. Lyft jumped 5.5% after the ride-hailing app said it was working on a new service to take a slice of the growing food-delivery market, as it works to make up for a drop in quarterly revenue.