US Stock Futures Rise Pointing to Gains in Morning Trade

Investors are now waiting for the Federal Reserve to release guidance on future interest rates, as the United States is preparing to gradually reopen its economy after the COVID-19 pandemic.

US Stock futures went up in overnight trading on Tuesday, implying further gains in the morning trade, CNBC News reported.

Futures contracts tied to the Dow Jones Industrial Average were 200 points higher, pointing to a possible gain of 249 on Wednesday morning. S&P 500 and Nasdaq futures performance also suggested opening gains.

Meanwhile, stock indexes traded slightly lower on Tuesday, with the S&P 500, a barometer for the top 500 US stocks, losing 0.5 percent. On Monday, stocks traded 1.5 percent higher on hopes of the US economic reopening.

The Fed has set aside more than $2 trillion to support US markets and the economy through the COVID-19 pandemic, a record allocation by the central bank for any crisis. Still, it is unlikely that the Fed will buy equities of US companies to support them through the pandemic, Treasury Secretary Steve Mnuchin said in an interview on Tuesday.