From Swissquote Bank’s “US Stock Futures Rise, Asian Stocks Hit Record High” posted early Monday:
Futures on Wall Street’s three main indexes continue to ascend after equities gained over 1% on Friday. The stock market showed a mixed performance last week, as focus oscillated between the vaccine news and the surging number of COVID infections. Now investors turned again to optimism surrounding the vaccine produced by Pfizer. Also, President Donald Trump admitted for the first time that Joe Biden won, though he still refuses to concede.
Last week, the S&P 500 ended at a record closing high, adding 2.2% for the week. The Dow surged over 4% for the week as investors dumped tech stocks and focused on value shares instead. The Nasdaq fell 0.6%.
As of now, there are over 11 million coronavirus infections confirmed in the US, with many states returning to restrictive measures. New Jersey saw a new daily record in the number of COVID cases on Saturday, while Illinois and Ohio updated their records in the previous day.
In Asia, stocks hit a new record high in early trading on Monday on vaccine optimism and the world’s largest regional free-trade agreement that was signed in the weekend by fifteen countries.
My take: A free-trade agreement — without the U.S. — sends Asian stocks to record highs. Hmmm.