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S&P 500 futures hit record high on stimulus bets

Published 08/11/2020, 06:27 AM
Updated 08/11/2020, 06:30 AM
© Reuters. The front facade of the of the NYSE is seen in New York

By Medha Singh and Ambar Warrick

(Reuters) - Futures tracking the S&P 500 index hit a record high on Tuesday as investors shrugged off simmering U.S.-China tensions to bet on a stimulus-led economic recovery from the COVID-19 pandemic.

At the current levels, the benchmark index is set to open about 12 points below its Feb. 19 record peak of 3,393.52.

A rally in technology and tech-related companies including Amazon.com (O:AMZN), Netflix Inc (O:NFLX) and Apple Inc (O:AAPL) that thrived during the shutdowns helped the Nasdaq reclaim its all-time high in June, while the blue-chip Dow remains about 6% below its peak.

Market participants are now eager to see an agreement on the fifth federal aid bill to support about 30 million unemployed Americans as the battle with the health crisis was far from over with U.S. cases surpassing 5 million last week.

The S&P 500 closed less than 1% below its record high on Monday as investors extended a rotation into value stocks from heavyweight tech-related names.

At 6:11 a.m. ET, S&P 500 e-minis were up 23.25 points, or 0.69%, topping an all-time high of 3,372.25 points last hit on Feb. 20.

Dow e-minis <1YMcv1> were up 278 points, or 1% and Nasdaq 100 e-minis were up 64 points, or 0.58%.

© Reuters. The front facade of the of the NYSE is seen in New York

Latest comments

Maybe the Dow and S&amp;P weren't supposed to hit all time highs during a deadly pandemic that has brought us into a recession...?   Would only make a little sense
always the manipulative spin when the market is about to turn.
always the manipulative spin when the market is about to turn.
Weird flex, but ok
Not sure where this article gets its facts, but according to Investing.com's chart, the high on February 20th was 3397.50. The closing high was 3387.25 on the 19th
If thats true, i guess it’s official.... covid has been amazing for our economy! Couldn’t imagine the positive things a zombie apocolypse would do!
You do realize that the stock market doesn't reflect the economy?
It is at the other way round, we now have zombie companies
 In the past it has and was usually pretty accurate.  So I don't see how now is any different.
Stock higher than before but u know that economic still not recovery
Its up because of rumors of a fure from russia. not stimulus. We dont know if stimulus will pass.
Medha and Ambar, I have the record peak was 3397.50 on Feb. 20.
Makes sense, economy is obviously better than pre Covid... employment at all time highs, GDP looking good
Very soon is down atleat 59 point
Thats not a record high
Record High in Futures is 3397.50, i think you need to know how to figure your charts!!!!
Long live the president!
Just work for a living...
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