Futures Soar Following Best Week in 3 Mos.

U.S. stock index futures rose early Monday, as the major averages looked to build upon gains following the best week since November amid optimism toward more COVID stimulus.

Futures for the Dow Jones Industrials hiked 126 points, or 0.4%, to 31,168.

Futures for the S&P 500 gained 13.25 points, or 0.3%, at 3,893.50.

Futures for the NASDAQ Composite jumped 47.25 points, or 0.4%, to 13,645.25.

Wall Street is coming off a solid week as the market shook off fears of a speculative trading frenzy. The S&P 500 closed at a record high on Friday and gained 4.2% last week. The Dow progressed 3.6% and the NASDAQ Composite rose 5.4%, in the prior week.

Meanwhile, another busy week of earnings is on deck with 78 S&P 500 components set to report quarterly results. Among the names on deck are Cisco, Twitter, Yelp, Uber, MGM, Mattel, GM, Coca-Cola and Disney.

On the coronavirus front, more contagious variants continue to spread throughout the U.S. On Friday Virginia health officials reported the state’s first case of the strain first identified in South Africa. On Sunday South Africa halted distribution of AstraZeneca’s vaccine given its minimal efficacy against the strain first identified in the country.

Treasury Secretary Janet Yellen urged Congress on Sunday to pass President Joe Biden’s stimulus plan, saying if it does the U.S. could return to full employment by 2022.

The Senate and House each passed a budget resolution on Friday, starting the reconciliation process that would allow Biden’s $1.9-trillion rescue package to get through the Democratic-held Senate with a simple majority. The package includes $1,400 stimulus cheques, supplemental jobless benefits and COVID-19 vaccine and testing funds.

Overseas, in Japan, the Nikkei 225 picked up 2.1%, while in Hong Kong, the Hang Seng index nicked up 0.1%.

Oil prices gathered 66 cents to $57.53 U.S. a barrel.

Gold prices captured $13.00 to $1,826.00 U.S.