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Futures Rise For 8th Day In A Row, Hit All Time High Ahead Of CPI, Powell

Global shares continued their euphoric ways, rising for the eighth day in a row, reaching record highs as market sentiment was improved by the prospect of U.S. fiscal stimulus and vaccine rollouts. U.S. stock futures also rose to new all time highs, hitting 3,924 before paring some gains, suggesting a resumption of gains after a one-day break as earnings and optimism over improving virus trends helped support sentiment while investors looked to inflation data and a speech by Federal Reserve Chair Jerome Powell for clues on the pace of an economic rebound.

Tilray Inc. led gains in the premarket session, climbing 31% in an extension of Tuesday’s 41% surge after the company signed a deal to distribute medical cannabis products in the U.K. Eli Lilly and Co became the latest drugmaker to receive an emergency use authorization from the U.S. Food and Drug Administration for its combination antibody therapy to fight COVID-19. Its shares rose 2.1% in premarket trading. The reflation trade continued to be the main investment theme.

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