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US STOCKS-Stimulus hopes lift futures to all-time highs

Published 16/02/2021, 12:59
© Reuters.
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window.)
* Futures up: Dow 0.65%, S&P 0.55%, Nasdaq 0.54%

By Devik Jain and Shreyashi Sanyal
Feb 16 (Reuters) - U.S. stock index futures hit record highs
on Tuesday with investors piling into economically sensitive
stocks such as energy and banks on hopes of more fiscal aid to
lift the world's biggest economy from a coronavirus-driven
slump.
Morgan Stanley MS.N , Goldman Sachs GS.N , JPMorgan Chase
& Co JPM.N , Citigroup Inc C.N and Bank of America Corp
BAC.N rose between 1.2% and 1.5% in premarket trading as
10-year U.S. Treasuries US10YT=RR touched their highest since
late March. US/
Oil stocks ExxonMobil Corp XOM.N , Marathon Oil MRO.N ,
Devon Energy Corp DVN.N and shale-focused player Occidental
Petroleum Corp OXY.N gained between 2.7% and 4.6% after oil
prices jumped to a 13-month high. O/R
The benchmark S&P 500 and the blue-chip Dow scaled new highs
last week as investors swapped growth-oriented stocks including
technology, which led Wall Street's recovery from a
COVID-19-induced crash last year, for under-priced value stocks
that are poised to benefit from economic growth.
President Joe Biden has pushed ahead with his plan to pump
an extra $1.9 trillion in stimulus into the economy. MKTS/GLOB
By 6:48 a.m. ET, Dow e-minis 1YMcv1 were up 205 points, or
0.65%, S&P 500 e-minis EScv1 were up 21.75 points, or 0.55%,
and Nasdaq 100 e-minis NQcv1 were up 74.5 points, or 0.54%.
A largely upbeat fourth-quarter earnings season has also
reinforced hopes of a quick business recovery this year.
This week's earnings reports from Hilton Worldwide Holdings
Inc HLT.N , Hyatt Hotels Corp H.N , Marriott International Inc
MAR.O , Norwegian Cruise Lines NCLH.N and TripAdvisor Inc
TRIP.O will be closely watched for signs of a pickup in global
travel demand.
Shares of cryptocurrency and blockchain-related firms
including Silvergate Capital Corp SI.N , Riot Blockchain
RIOT.O and Marathon Patent Group MARA.O jumped between 5%
and 9% as bitcoin BTC=BTSP crept toward $50,000. Focus this week is also on the minutes from the Federal
Reserve's January meeting, where it kept interest rates
unchanged and reaffirmed its commitment to maintain a dovish
policy stance.

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