Futures on the tech-heavy Nasdaq 100 index increased by approximately 0.9%, boosted by premarket gains in Netflix Inc. and Oracle Corp.

Fears that the new administration's protectionist policies would undermine global growth and trigger inflation in the U.S. had pushed the dollar to a 13-month high earlier this month and led to rising bond yields. However, the first two days of Donald Trump's presidency have been broadly positive for market sentiment, as investors focus on his business-friendly policies.

Yesterday, the U.S. president stated that he is still considering a 10% tariff on all goods from China following his earlier threat of imposing tariffs of up to 25% on Mexican and Canadian imports by February 1. However, his only concrete action thus far has been a directive to review trade practices by April 1, giving China and other nations nearly 10 weeks to address his demands or avoid new tariffs.

According to Bank of America Corp.'s monthly fund manager survey, there is growing momentum for "catch-up" trades in underperforming sectors, driven by bets that Trump may take a softer approach on tariffs. This optimism is also reflected in steady U.S. Treasury yields.

Netflix shares are setting the pace for the market today. A 15% premarket surge, driven by better-than-expected fourth-quarter results, paints an optimistic picture for the company's future. Oracle shares also jumped by 9% after announcing a partnership with SoftBank Group and OpenAI to create a $100 billion joint venture for artificial intelligence infrastructure funding. Meanwhile, Seagate Technology shares rose by more than 5% in premarket trading after surpassing earnings forecasts.

If Netflix's rally holds through the end of the day, the stock will reach an all-time high and could mark its largest single-day gain since October 2023.

Demand for the S&P 500 remains strong. The primary target for buyers today is to break through the immediate resistance at 6079, which would extend the uptrend and pave the way for a move to the next level at $6092.

Another key priority for bulls is to establish control above $6105, which would further solidify their positions.

In the event of a downturn amid declining risk appetite, buyers must defend the area around $6069. A breach below this level would likely push the index back to $6058 and open the path to $6047.