People walk by the New York Stock Exchange near One World Trade Center, the Freedom Tower, in lower Manhattan during commemoration ceremonies for the September 11, 2001 terror attacks on September 11, 2020 in New York City.U.S. stock futures held steady on Monday night after the market kicked off the week with a broad-based rally.
Futures tied to the Nasdaq 100 rose 0.1%, while those for the Dow Jones Industrial Average and S&P 500 were flat. The move in futures follows a bounce-back session for Wall Street on Monday. Fresh off its worst week since March, the Nasdaq Composite led the way with a 1.9% gain as major tech stocks found their footing. The Dow and S&P 500 both gained more than 1% as well, with advancing stocks outnumbering declining ones nearly 5-to-1 on the New York Stock Exchange.
Sentiment was boosted on Monday by positive news on the vaccine front, with AstraZeneca resuming its phase three trial in the United Kingdom and Pfizer CEO Albert Bourla saying over the weekend the company should be able toOptimism about the United States getting a better handle on the virus was a major reason that LPL Financial raised its year-end target for the S&P 500 to a range of 3,450–3,500 on Monday, said Jeff Buchbinder, an equity strategist at the firm.
Buchbinder said that Monday's rally was also fueled by the announcement of major deals in the tech space, including"Regardless of the situation, regardless of the sector, big commitments and big mergers tend to show confidence, and we would take those as positive signs," Buchbinder said.
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