Stock futures advanced Thursday morning, pointing to a higher open after the three major indices closed at their highest levels in more than one month a day earlier.
Contracts on the Dow rose more than 120 points, or 0.4%, about two hours before the opening bell. S&P 500 and Nasdaq futures also gained. Shares of Regeneron (REGN) jumped more than 4% after the drugmaker said it had submitted a request to the U.S. Food and Drug Administration for emergency use authorization of its Covid-19 antibody treatment, which had been taken by President Donald Trump after his Covid-19 diagnosis.
Traders clung to hope that some aid out of Washington – if not a multi-trillion dollar, comprehensive virus relief package – might transpire in the near-term.
House Speaker Nancy Pelosi said Wednesday that she would be open to passing a bill to provide relief to airlines specifically, after Trump said late Tuesday that he would approve piecemeal measures including airline aid. Airline stocks, along with travel and leisure names, were flat to slightly higher in late trading, largely holding onto gains from the regular session Wednesday.
However, Pelosi also signaled that she would not be open to advancing a bill that would authorize another round of $1,200 direct checks to taxpayers, saying that that on its own would be insufficient to address the Covid-19 crisis. House Democrats last week voted to advance a larger package to inject another $2.2 trillion in aid to various parts of the economy.
“It’s been the question of the day, as to why we got the tweets we got over the last 24 hours, the market reaction we got into [Tuesday’s] close, and then the rally today,” Ed Mills, Raymond James Washington policy analyst, told Yahoo Finance Wednesday afternoon.
“Investors I’ve spoken to at Raymond