Traders wearing masks work, on the first day of in person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 26, 2020. REUTERS/Brendan McDermid

(Reuters) – U.S. stock index futures advanced on Wednesday as hopes of an economic recovery eclipsed worries over simmering tensions between the United States and China.

Unprecedented monetary and fiscal stimulus, the easing of lockdowns and optimism about an eventual COVID-19 vaccine have powered a rally, helping the S&P 500 .SPX end at its highest level since early March on Tuesday.

The benchmark index, however, closed just short of 3,000 points, a key psychological level, after President Donald Trump said the United States would announce before the end of the week its response to China’s planned national security legislation for Hong Kong.

At 6:07 a.m. ET, S&P 500 e-minis EScv1 were up 1.22% at 3030.5. Dow e-minis 1YMcv1 were up 354 points, or 1.42% and Nasdaq 100 e-minis NQcv1 were up 86.5 points, or 0.92%.

The S&P 500 index .SPX closed up 1.23% at 2,991.77​ on Tuesday.

Travel-related stocks, which were among the worst hit in the sell-off earlier this year, continued to outperform. United Airlines Holdings Inc (UAL.O), American Airlines Group Inc (AAL.O) rose more than 7% in premarket trade.

Planemaker Boeing Co (BA.N) is expected to announce U.S. job cuts this week, people briefed on the plans and a union said. Its shares rose 3.1%.

Walt Disney Co (DIS.N) was set to announce its proposal for a phased reopening of its Orlando, Florida, theme parks to a local task force on Wednesday. Disney shares gained 1.9%.

Reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur

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