US stock futures, the S&P 500 e-minis, were up 0.3%, pointing to a steady open on Wall Street. The S&P 500 index closed at 4,197.05 points on Monday, near its lifetime high of 4,238.04 of May 7.
"You see risk appetite remain quite firm, with US futures markets running back towards their recent highs."
The Dow Jones Industrial Average (.DJI) rose 46.0 points, or 0.13%, at the open to 34253.87. The S&P 500 (.SPX) rose 14.3 points, or 0.34%, at the open to 4170.16, while the Nasdaq Composite (.IXIC) rose 86.2 points, or 0.64%, to 13557.212 at the opening bell.
"Oil prices could rip higher now that a tight market is likely up through the summer," said OANDA's Edward Moya. "WTI at $75 no longer seems outlandish and Brent could easily top $80 by the summer."
Bitcoin was sitting at $32,400 after seeing recent wild swings, that saw it hit a record near $35,000 before diving to $28,000 within the space of a day.
Online trading platforms have reported a retail rush since the COVID-19 pandemic hit markets in March, with near-zero interest rates and a roaring rebound luring a new generation of stuck-at-home traders wanting to sharpen their skills on stocks.
Tesla Inc slipped 1.9pc and was one of the top drags on the tech-skewed Nasdaq after the electric-car maker unveiled a $5 billion capital raise, its second such move in three months.
Cabot Wealth Management, an investment advisor which manages $900 million, is staying away from oil and gas companies, said Chief Investment Officer Rob Lutts.
So-called “cyclical” stocks seen as particularly sensitive to the economy, such as energy, materials and industrials, shined as most S&P 500 sectors rose.
So far this quarter, shares of AT&T Inc, Verizon Communications Inc and Quest Diagnostics Inc have rallied after each company gave investors updated guidance.
The S&P 500 opened higher by 14.69 points, or 0.45pc, at 3,295.75, while the Nasdaq Composite gained 94.50 points, or 0.88pc, to 10,873.30 at the opening bell.
