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A
bipartisan, $908 billion coronavirus aid plan gained momentum in
the U.S. Congress on Thursday, after a months-long standoff
between Republicans and Democrats over a stimulus package for
businesses and millions of people affected by virus-led
shutdowns.
A Labor Department's closely watched report, expected at 8:30
a.m. ET (1330 GMT), is likely to show U.S. employers hired the
fewest workers in six months in November, hindered by a
resurgence in COVID-19 cases and a lack of more government
relief money.
The unemployment rate is estimated to dip to 6.8% in November
from 6.9% last month.
So far positive vaccine updates from major drugmakers have
eclipsed bleak economic readings and a surge in infections,
setting the Wall Street's main indexes for another week of gains
after the benchmark S&P 500 clocked its best November.
Growing confidence that a working COVID-19 vaccine would be
administered before the end of the year has revived demand for
the hardest-hit airlines and tourism stocks.
Shares of U.S. carriers and cruise lines including American
Airlines, Norwegian Cruise Line and Carnival Corp were up
between 2% and 3.3% in premarket trade.
At 06:25 a.m. ET, Dow E-minis were up 120 points, or 0.4%, and
S&P 500 E-minis were up 11.25 points, or 0.31%. Nasdaq 100
E-minis were up 44.75 points, or 0.36%.
Drugmaker Pfizer fell 0.8%, extending declines from the previous
session when it flagged challenges in supply chain for raw
materials used in its COVID-19 vaccine.
Oil majors Exxon Mobil Corp and Chevron Corp rose about 1.5%
each, boosted by a rise in crude prices as major producers
agreed on a compromise on supply.
(Reporting by Shriya Ramakrishnan and Medha Singh in Bengaluru;
Editing by Shinjini Ganguli)
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