Futures trade in positive territory
U.S. stock futures were trading in the green territory on Tuesday morning after the major averages kicked off the week with a broad-based rally.
By 5:50 a.m. ET, futures tied to the blue-chip Dow traded 148.5 points, or 0.49% higher to 30,453.50. Those for the S&P 500 gained 17.38 points, or 0.47% to 3,744.88 while the tech-dominated Nasdaq 100 futures were up 50.25 points, or 0.39% to 12,883.
Sentiment was boosted on Monday by positive news on the stimulus front, with President Donald Trump signing a $900 billion coronavirus relief bill into law and the United Kingdom and European Union agreeing on a post-Brexit trade deal.
The Dow rallied 204 points, or 0.68%, to 30,403, the Nasdaq finished up 0.74% to 12,899, and the S&P 500 closed 0.87% higher to 3,735.
On Tuesday, the House of Representatives passed another bill that would increase the direct payments in the coronavirus relief bill from $600 to $2,000 after the president called for more money to be put in Americans’ pockets. However, it remains to be seen if Republican-controlled Senate will approve the measure.
American Airlines set to resume passenger flights on the Boeing 737 Max today
American Airlines (NYSE: AAL) is set to put Boeing (NYSE: BA)’s troubled 737 Max jet back into the air on Tuesday.
The airline will fly paying customers on Flight 718, which will depart from Miami to New York at around 10:30 a.m. ET.
All Boeing 737 Max jets worldwide were grounded in March 2019 for 20 months in the wake of two fatal crashes that together claimed 346 lives. The Federal Aviation Administration (FAA) lifted the grounding last month after the plane maker made changes to the jets.
Southwest Airlines (NYSE: LUV), Alaska Airlines (NYSE: ALK) and United Airlines (NASDAQ: UAL) are also expected to resume commercial 737 Max flights in the first quarter.
Crude futures jump; API data eyed
Crude futures were rising early Tuesday as traders await the American Petroleum Institute to publish its weekly estimate of oil stockpiles at 4:30 p.m. ET.
The signing of the coronavirus stimulus bill into law has also spurred hopes of a recovery in oil demand and the economy.
U.S. West Texas Intermediate (WTI) crude futures were up 65 cents, or 1.36% to $48.27 a barrel as of 5:50 a.m. ET. International Brent crude futures climbed 72 cents, or 1.41% to $51.62 a barrel.
