The S&P 500 and Nasdaq were set to open higher on Thursday after data indicated domestic economic growth at an unrivaled pace in the third quarter as the government poured out more than $3 trillion worth of pandemic relief.

A separate set of data indicated weekly jobless claims dropped more than anticipated in the latest week. The CBOE volatility index (VIX) however, hovered at a 15-week high as the White House coronavirus task force urged for more strict measures to turn the spread of the disease and on anxiety over the outcome of the November 3 presidential election.

Democratic challenger Joe Biden holds a comfortable lead over President Trump in national polls, but the race in battleground states that will possibly decide the election are tighter than the national surveys.