Futures jump as stocks aim for a rebound

Stock futures jumped Wednesday morning after sliding a day earlier, as investors weighed optimism over widespread post-pandemic business reopenings against concerns over economic overheating.

Contracts on the S&P 500 ticked up. Nasdaq futures outperformed ahead of the opening bell after the index closed lower by 1.7% on Tuesday with technology stocks lagging amid a rotation to cyclical shares poised to benefit from easing stay-in-place orders. Airlines, cruse lines and hotel stocks increased on Tuesday, and extended gains during early trading.

Elsewhere, shares of online mortgage provider Rocket Companies (RKT) pulled back during the pre-market session. The stock surged 71% to a record high on Tuesday and triggered a volatility halt after investors on Reddit appeared to target the heavily shorted stock as another short-squeeze candidate.

Investors this week have fixed their gaze on the next several months, when vaccine-enabled reopenings will help boost service-centric companies that had been heavily beaten down last year. President Joe Biden said that the U.S. now expects to have enough COVID-19 vaccines for all adults who want one by the end of May, pulling forward that target by two full months from the government's previous forecast. The drugmaker Merck (MRK) is set to help produce Johnson & Johnson's (JNJ) single-dose COVID-19 vaccine that was authorized over this past weekend, which would help speed the pace of inoculations in the U.S.

Plus, the U.S. Senate is debating the contours of another stimulus package worth up to $1.9 trillion this week, with congressional lawmakers racing to pass another relief bill before a mid-March cliff for federal unemployment benefits authorized under the last package.