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 (AMZN.O), Netflix Inc (NFLX.O) and Apple Inc (AAPL.O) 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 EScv1 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 NQcv1 were up 64 points, or 0.58%.