Stimulus momentum sees futures extend gains before Fed meeting

• Signs of progress toward a coronavirus stimulus package lifted sentiment on Tuesday, allowing the S&P 500 to shake off a four-day losing streak, while futures suggested the rally could continue after advancing another 0.3% overnight.
• Top congressional leaders indicated they were inching closer to striking a deal after a day of meetings, while vaccine optimism and a dovish stance at today's Fed meeting are expected to propel markets further.
• "It is just another excuse for those that missed the rally, or that are bullish anyway to buy into it," said Luca Paolini, chief strategist at Pictet Asset Management. "We know that [a deal is] coming, the signals are pretty clear."
• U.S. retail sales data will also be published this morning, which could show a rise for the seventh consecutive month in November, as well as purchasing managers' surveys that are likely to display a continued expansion in the U.S.