Stock futures rallied in early trading on Monday as Wall Street tries to build on a record-setting week. Gains in tech shares and some developments on coronavirus treatments were behind the bullish sentiment.
Futures for Dow Jones Industrials skyrocketed 290 points, or 1%, early Monday, to 28,149.
The 30-stock Dow, however, is still about 5% below its record high from February as many of its consumer discretionary and industrial constituents have yet to fully recover from the unprecedented sell-off earlier this year.
Futures for the S&P 500 jumped 29.25 points, or 0.9%, at 3,421.75.
Futures for the NASDAQ Composite popped 107.25 points, or 0.9%, to 11,668.75.
The tech-heavy NASDAQ gained 2.6% last week, posting a six-week winning streak and notching its 36th intraday high. The NASDAQ has gained 26% this year.
Apple shares rose 2% in pre-market trading. Amazon and Microsoft shares were also higher.
Monday's early gains come as the number of new coronavirus cases continues to decline in the U.S. Since spiking by more than 64,000 cases, the number of new daily infections in the U.S. has not topped 49,000, according to Johns Hopkins University. On Sunday, there were less than 37,000 new confirmed cases, the data showed.
On Sunday, the U.S. Food and Drug Administration issued an emergency use authorization of convalescent plasma for hospitalized COVID-19 patients, a treatment that uses blood plasma donated by people who've recovered from the virus.
President Donald Trump said at a news conference Sunday that the plasma treatment cuts the mortality rate by 35%.
The Trump administration is also considering fast-tracking an experimental coronavirus vaccine developed in the U.K. for use in the United States ahead of the nation's upcoming presidential election, according to a Financial Times report.
Shares of casinos and airlines gained in premarket trading amid the coronavirus treatment developments.
Overseas, in Japan, the Nikkei 225 hiked 0.3% Monday, while in Hong Kong, the Hang Seng index added 1.7%.
Oil prices gained 31 cents to $42.65 U.S. a barrel.
Gold prices hiked $11.70 to $1,958.70.