S&P 500 Soared on Wednesday. What about Nasdaq Composite? 

Global stocks surged toward another record high as optimism for a new U.S. stimulus deal overshadowed concerns about resurgent Covid-19 cases. Meanwhile, Treasuries tumbled down with the greenback.

In Europe, chemical and mining firms led gains among pro-cyclical stocks, after equities climbed up across much of the Asia Pacific. The sterling rallied before U.K. Prime Minister Boris Johnson’s meeting with European Commission President Ursula von der Leyen. The meeting is due later on Wednesday, with participants aiming to save Brexit trade negotiations.

Meanwhile, the White House’s surprise re-entry into pandemic-relief talks boosted global equities. Authorities talk about a $916 billion proposal, opening a potential new path to a year-end deal. As a result, the S&P 500 futures climbed up on Wednesday. However, Nasdaq 100 contracts stood flat following the gauge’s 10th straight gain.

Overall, the Stoxx Europe 600 Index rallied by 0.6% on Wednesday. However, Nasdaq 100 Index futures changed insignificantly. On the other hand, futures on the S&P 500 Index soared by 0.2%, and the MSCI Asia Pacific Index also jumped by 0.8%.

Is a new stimulus deal a real possibility in the near future? 

There’s a little time left before the year-end break, and Covid-19 infections continue to surge in many of the biggest economies. As a result, investors are betting on 11th hour deal on stimulus being struck in Washington. 

Richard Lacaille, the global chief investment officer at State Street Global Advisors, stated that the opportunities are in credit and equities, so investors are overweight, they are a risk. Furthermore, they know that testing will continue next year in terms of coronavirus and elsewhere.

Meantime, emergency-use authorization to Pfizer Inc.’s vaccine may be granted on Thursday. Due to this news, Pfizer shares jumped in pre-market trading.

Health & Human Services Secretary Alex Azar stated that if the U.S. Food and Drug Administration authorizes emergency use, vaccine distribution could begin within 24 hours.

SoftBank Group Corp. shares increased almost by 6% in Tokyo after reports about the company debating a new strategy to go private. Machinery orders in Japan also skyrocketed at the fastest pace in more than a decade, showing more signs that the global economy is continuing to recover from the coronavirus pandemic.

Investors are waiting for the European Central Bank policy decision, along with a press briefing from Christine Lagarde on Thursday. Economists expect the central bank to increase its pandemic bond-buying program. Furthermore, the FDA plans a meeting to discuss the Covdi-19 vaccine made by Pfizer/BioNTech on Thursday.