With signs of oil recovery on the horizon, shares from the technology sector led a largescale rebound in stock gains. With investors largely deciding to dismiss earlier concerns of inflation, S&P 500 contracts rose despite hints at price increases.
Some of the largest winners during pre-market trading were tech giants Apple Inc., Amazon Inc., and Tesla Inc. General Motors and ride-sharing company Lyft also emerged strong, with the former reporting a stronger-than-expected profit growth.
With economic recovery from the coronavirus pandemic seemingly imminent, ThinkMarkets market analyst Fawad Razaqzada made the following statement: “Optimism over economic growth means the downside for stocks will probably be limited and not all sectors will be hurt.”
In addition, Razaqzada predicted that interest rates would not under go any major increases and that any potential near-term risks would likely be attributed to missed buying opportunities.
As of 9:13 a.m. in New York on Wednesday, futures on the S&P 500 index rose by 0.5%. Those futures on the Nasdaq 100 incurred a 0.7% rise while the Dow Jones Industrial Average rose 0.3%.
Outside of futures, commodities also enjoyed a stellar rise as West Texas Intermediate crude rose 1.2% to $66 a barrel.
