Stock futures rose Wednesday morning and tracked toward a third consecutive day of gains, as investors hoped eyed data signaling at the start of the overnight session, taking a pause after the S&P 500 closed out at its highest level since March 5.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="A rising threat of heightened tensions with China has so far done little to knock stocks off their upward trajectory over the past couple sessions. Bloomberg reported Tuesday afternoon that U.S. officials were considering sanctioning Chinese officials and entities over a new national security law that would impose on the autonomy of Hong Kong, a region which has special trade status with the U.S.” data-reactid=”17″>A rising threat of heightened tensions with China has so far done little to knock stocks off their upward trajectory over the past couple sessions. Bloomberg reported Tuesday afternoon that U.S. officials were considering sanctioning Chinese officials and entities over a new national security law that would impose on the autonomy of Hong Kong, a region which has special trade status with the U.S.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Meanwhile, the U.S. House of Representatives closed in on passing legislation already cleared by the Senate that would also give authority to impose sanctions on Chinese officials for human rights abuses against Muslim minorities in China. Still, on Tuesday, the Dow closed out the session up more than 500 points, or nearly 2.2%, but pared some gains in the final 30 minutes of trading as investors eyed concerns over relations with China.” data-reactid=”18″>Meanwhile, the U.S. House of Representatives closed in on passing legislation already cleared by the Senate that would also give authority to impose sanctions on Chinese officials for human rights abuses against Muslim minorities in China. Still, on Tuesday, the Dow closed out the session up more than 500 points, or nearly 2.2%, but pared some gains in the final 30 minutes of trading as investors eyed concerns over relations with China.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Some of the stock leaders during Tuesday’s rally added to gains Wednesday morning, including big banks Goldman Sachs (GS) and JPMorgan Chase (JPM) as the Treasury yield curve continued to steepen. A day earlier, JPMorgan CEO Jamie Dimon told CNBC in an interview he felt his company’s stock was “very valuable” at current levels, or still off more than 30% from its recent high from January this year.” data-reactid=”19″>Some of the stock leaders during Tuesday’s rally added to gains Wednesday morning, including big banks Goldman Sachs (GS) and JPMorgan Chase (JPM) as the Treasury yield curve continued to steepen. A day earlier, JPMorgan CEO Jamie Dimon told CNBC in an interview he felt his company’s stock was “very valuable” at current levels, or still off more than 30% from its recent high from January this year.

Airline, travel and leisure stocks also extended advances Wednesday as new data on air travel showed an uptick in the number of travelers moving through TSA checkpoints over the holiday weekend, and more states moved to reopen businesses without causing an influx in coronavirus cases.

Plus, more positive economic data showing stabilizations in consumer confidence and an unexpected rise in new home sales in April also contributed to equities’ rally. The Census Bureau’s new home sales data provided an upbeat glimpse of economic activity trends in areas that had begun to reopen their economies: New home sales in the South and Midwest – regions where lockdowns have eased more quickly – rose over last year by 4.7%, and 26.5%, respectively, while sales in the Northeast and West – where stay-in-place orders have held up more firmly – were still down a respective 26.5% and 33.5%.

“That would imply room for some improvement as these regions ‘open-up,” Neil Dutta, head of economics for Renaissance Macroeconomics, said in a note.

Some analysts have struck a more cautious tone on the direction of the stock market in the very near-term, however, even as conditions improve off last month’s lows.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="“While I do think we’re going to 30,000 [on the Dow] next year, and 40,000 by 2023, I don’t think this is the beginning of the run to new highs, right here,” Paul Schatz, president of&nbsp;Heritage&nbsp;Capital told Yahoo Finance’s&nbsp;On the Move. “I think we need some pause and digestion first.”” data-reactid=”24″>“While I do think we’re going to 30,000 [on the Dow] next year, and 40,000 by 2023, I don’t think this is the beginning of the run to new highs, right here,” Paul Schatz, president of Heritage Capital told Yahoo Finance’s On the Move. “I think we need some pause and digestion first.”

7:27 a.m. ET Wednesday: Stock futures add to gains

Here were the main moves in markets as of 7:27 a.m. ET:

  • S&P 500 futures (ES=F): 3,026.75, up 32.35 points (+1.08%)

  • Dow futures (YM=F): 25,345.00, up 343 points (+1.37%)

  • Nasdaq futures (NQ=F): 9,451.25, up 44.75 points (+0.48%)

  • Crude (CL=F): -$0.48 (-1.4%) to $33.81 a barrel

  • Gold (GC=F): -$8.30 (-0.49%) to $1,697.30 per ounce

  • 10-year Treasury (^TNX): +2 bps to yield 0.718%

6:05 p.m. ET Tuesday: Stock futures open little changed

Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:05 p.m. ET:

  • S&P 500 futures (ES=F): 2,992.25, down 2.25 points (-0.08%)

  • Dow futures (YM=F): 24,993.00, down 9 points (-0.04%)

  • Nasdaq futures (NQ=F): 9,407.25, up 0.75 points (+0.01%)

NEW YORK, NEW YORK - MAY 26: Traders walk into the New York Stock Exchange (NYSE) on the first day that traders are allowed back onto the historic floor of the exchange on May 26, 2020 in New York City. While only a small number of traders will be returning at this time, those that do will have to take temperature checks and wear face masks at all times while on the floor. The Dow rose over 600 points in morning trading as investors see economic activity in America picking up (Photo by Spencer Platt/Getty Images)NEW YORK, NEW YORK - MAY 26: Traders walk into the New York Stock Exchange (NYSE) on the first day that traders are allowed back onto the historic floor of the exchange on May 26, 2020 in New York City. While only a small number of traders will be returning at this time, those that do will have to take temperature checks and wear face masks at all times while on the floor. The Dow rose over 600 points in morning trading as investors see economic activity in America picking up (Photo by Spencer Platt/Getty Images)
NEW YORK, NEW YORK – MAY 26: Traders walk into the New York Stock Exchange (NYSE) on the first day that traders are allowed back onto the historic floor of the exchange on May 26, 2020 in New York City. While only a small number of traders will be returning at this time, those that do will have to take temperature checks and wear face masks at all times while on the floor. The Dow rose over 600 points in morning trading as investors see economic activity in America picking up (Photo by Spencer Platt/Getty Images)

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