At 4:35 a.m. ET, futures on the Dow Jones Industrial Average were 162 points higher, pointing to an implied opening rise of more than 136 points at Tuesday's open. S&P 500 futures and Nasdaq-100 futures also pointed to opening gains for the two indexes.
Earlier, futures had pointed to opening losses for the three indexes.
The overnight action followed a strong session on Wall Street, with the Dow jumping nearly 700 points led by an 8% pop in Johnson & Johnson after it announced a vaccine candidate for the
Investors embraced a more realistic government approach to contain the pandemic. President Donald Trump extended the timeline for social distancing guidelines to April 30, which many believe will reduce economic damage in the long run.
"I think the market has established some type of bottom," Tom Lee, head of research at Fundstrat Global Advisors, said on CNBC's Markets in Turmoil Special on Monday. "I don't know if this is October '08 here; We still have some wood to chop."
Stocks have managed to rally on concerning economic
"If we are rallying on bad news, I think that's a sign that we are probably at a bottom," Lee said.
"Last week's double-digit gain for markets was a welcome relief rally, though market bottoms are rarely as clean as this one has been," said Mark Hackett, Nationwide's chief of investment research. "Markets will need to reflect more traditional interactions before confidence in a bottom can be reached."
Investors continued to grapple with the worsening outbreak in the U.S.
"We anticipate that market volatility will resist until liquidity, credit, and health risks have demonstrably passed," said Lauren Goodwin,