U.S. stock futures pointed to a slightly higher open on Wednesday amid hope that the number of new coronavirus cases is starting to decline.
Futures for Dow Jones Industrials galloped 297 points, or 1.3%, early Wednesday to 22,788.
Futures for the S&P 500 gained 31.5 points, or 1.2%, at 2,673.50.
Futures for the NASDAQ Composite jumped 107 points, on 1.3%, to 8,119.
Stocks pressured by the coronavirus outbreak rose in the premarket. Carnival, Norwegian Cruise Line and Royal Caribbean all advanced at least 2.7%. MGM Resorts gained 3.8% while Wynn Resorts climbed 2.7%. American led airline stocks higher with a 5.1% jump. United and
Delta traded higher by 4.9% and 3.6%, respectively.
However, some investors believe equities were getting ahead of the reality where coronavirus shutdowns are likely to weigh on the economy significantly beyond the second quarter. The major averages have rallied about 20% from their March 23 lows.
The Federal Open Market Committee is set to publish its meeting minutes from its March meeting. In an emergency decision ahead of that meeting, the Fed cut interest rates to zero, for the first time since the financial crisis.
In the U.S., the number of daily increases in coronavirus cases has reportedly fallen since Friday, according to data from Johns Hopkins University. Daily increases in global cases have also fallen since then.
Overseas, in Japan, the Nikkei 225 garnered 2.1% Wednesday, while Hong Kong, the Hang Seng Index lost 1.2%.
Oil prices took on 36 cents to $23.99 U.S. a barrel.
Gold prices dropped $6.10 to $1,677.60 U.S. an ounce.
Futures Soar After Tuesday’s Wild Ride