S&P 500 futures jumped more than 5% to reach their “limit up” level. These limit levels act as a ceiling for buying until regular trading begins and are meant to insure orderly trading. Dow Jones Industrial Average futures were up more than 1,100 points, implying a gain of nearly 1,000 points. Nasdaq 100 futures also surged.

The SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500, traded 5.7% higher. With stock futures at their upside limit, investors could get a better sense of where the market will open by tracking the ETF.

Apple shares jumped 7.4% in the premarket after an analyst at Wells Fargo upgraded the tech giant to overweight from equal weight, citing a “compelling risk/reward” outlook.

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