(Bloomberg) -- U.S. futures rose as global markets extended a rally that was fueled on Thursday by corporate deals and optimism that American lawmakers will reach a stimulus accord.
Contracts on the S&P 500 Index pointed to a strong open following Wednesday’s 1.7% surge, after President Donald Trump advocated a piecemeal approach to aid and House Speaker Nancy Pelosi signaled openness to a standalone airline-relief bill.
Eaton Vance leaped by more than 30% in pre-market trading after the investment firm agreed to be taken over by Morgan Stanley. IBM surged after saying it will spin off its infrastructure unit. Regeneron rose after Trump said its antibody cocktail was the “key” to his quick recovery. The president said he would authorize its emergency use. The dollar held its decline as weekly jobless data roughly matched estimates.
Bulls are now back in control of a market that’s betting that a Joe Biden presidential victory and gains by Democrats in Congress will be good for equities. The scenario seems to be quelling volatility even as risks from a split in government to a resurgence of coronavirus cases threaten the economic rebound.
“The market is now almost treating Trump’s actions as a sideshow, and is much more firmly pricing Biden in the White House,” Mizuho strategists including Peter Chatwell wrote in a note.
Still, they warned investors against “getting bulled-up on Biden” and the possibility of Democrats winning in the November election, including the Senate. Trump said he won’t participate in a second presidential debate if it will be conducted virtually as a precaution against the spread of the coronavirus.
Meanwhile, countries continue to grapple with rising coronavirus infections. France reported a record number of new cases and Italy’s infections spiked to the highest since April.
Elsewhere in markets, airlines led European shares higher, helped by as optimism over a Covid-19 treatment. U.K. jet engine-maker Rolls-Royce Holdings Plc was on course of the best five-day performance on record, after shoring up its finances.
Crop futures are climbing as dry weather threatens planting in the Americas and Black Sea areas. Wheat has risen for five days and is trading near the highest level since 2015.
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