The S&P 500 futures currently trade 26 points above fair value.
Semiconductor stocks are on pace for a rebound at the open, with the VanEck Semiconductor ETF up 1.6% in the premarket.
Several mega-cap stocks are also adding to the early enthusiasm, such as Tesla (TSLA 381.18, +8.96, +2.4%), which trades higher after Barclays upgraded the stock to Overweight from Equal Weight, with a target price of $450.