Stock futures opened a little higher on Tuesday night after slipping during the regular session as investors weighed optimism over widespread trade reopenings after the pandemic against concerns over the overheating economy.
S&P 500 contracts rose. Futures on the Nasdaq edged up after the index closed down 1.7% earlier as tech stocks lagged amid a rotation to cyclical stocks poised to benefit from the relaxation of stay-in-place orders. Airlines, airlines and hotels rose on Tuesday and held onto their gains during the overnight session.
Elsewhere, shares of online mortgage provider Rocket Companies (RKT) fell late in the session. The stock jumped 71% to an all-time high earlier in the day and triggered a halt in volatility after investors on Reddit appeared to target the heavily shorted stock as another bearish candidate.
This week, investors set their sights on the coming months, when vaccine-enabled reopenings will help boost service-oriented businesses that were heavily battered last year. President Joe Biden said on Tuesday that the United States now expects to have enough COVID-19 vaccines for all adults who want one by the end of May, pushing that target up two full months from the previous government forecasts. Drugmaker Merck (MRK) is set to help produce the Johnson & Johnson (JNJ) single-dose COVID-19 vaccine that was cleared last weekend, which is believed to help accelerate the pace of inoculations in the United States.
In addition, the US Senate is …
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