Wall Street's main indexes were set to open higher on Wednesday as signs of a working COVID-19 vaccine raised hopes of a faster-than-expected economic rebound, with technology stocks bouncing back from steep losses this week.
Nasdaq 100 futures were up more than 1per cent, while technology mega-caps including Netflix Inc, Amazon.com Inc and Facebook Inc, the so-called stay-at-home winners, also gained about 1per cent in premarket trading.Encouraging data from a late-stage vaccine earlier this week prompted a rotation away from technology names, and lifted demand for stocks sensitive to economic growth, as well as those that have lagged this year such as energy, financials and industrials.
"It will be a long time before we can get a sizable part of the population inoculated with the vaccine... but it does speak to a slightly brighter future," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.