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* Futures: Dow up 0.22%, S&P up 0.14%, Nasdaq off 0.07%
By Shriya Ramakrishnan
Dec 9 (Reuters) - Dow futures rose and S&P 500 futures hit a
record high on Wednesday as hopes for a vaccine-linked economic
recovery and more domestic fiscal stimulus sparked demand for
economically sensitive stocks such as banks and industrials.
Investors have flocked to U.S. equities and shrugged off
weak economic data in recent weeks on signs that a working
COVID-19 vaccine would be available before the end of the year.
The race for a vaccine narrowed on Tuesday after the U.S.
Food and Drug Administration raised no new issues about the
safety or efficacy of Pfizer Inc's PFE.N candidate, while
Johnson & Johnson JNJ.N reported it could obtain late-stage
trial results for a single-dose vaccine earlier than expected.
Both drugmakers' shares gained about 1% in premarket
trading.
President-elect Joe Biden has also vowed that his
administration would vaccinate 100 million Americans during his
first 100 days in office, push to reopen schools and strengthen
mask mandates. At 6:48 a.m. ET, Dow e-minis 1YMcv1 were up 67 points, or
0.22%, S&P 500 e-minis EScv1 were up 5.25 points, or 0.14%,
and Nasdaq 100 e-minis NQcv1 were down 9.25 points, or 0.07%.
With valuations now at extremely high levels, some investors
worry that stocks could be more vulnerable to any bad news such
as unexpected setbacks in the roll-out of vaccines or delays in
stimulus. U.S. lawmakers continued to negotiate on a long-awaited
coronavirus relief package, but provisions on liability
protections for businesses and aid to state and local
governments are causing divisions between Republicans and
Democrats.
The Trump administration proposed a new $916 billion aid
package on Tuesday, after congressional Democrats shot down a
suggestion for a pared-down plan. Major U.S. banks JPMorgan Chase & Co JPM.N and Citigroup
Inc C.N as well as industrial bellwethers Boeing Co BA.N and
3M Co MMM.N rose about half a percent.
Travel stocks including United Airlines Holdings Inc UAL.O
and American Airlines Group Inc AAL.O gained 1.3% and 2.7%.