Dow on track to resume record run after taking a breather

0
205
DOWNLOAD THE APP


U.S. stock futures on Tuesday pointed to a rise at the open, putting the Dow Jones Industrial Average on track to build on a record-setting run that has left it up 27% over the past year.

What are the main benchmarks doing?

Dow Jones Industrial Average futures












YMH8, +0.18%










tacked on 51 points, or 0.2%, to 25,301, while S&P 500 futures












ESH8, +0.05%










 gained 1.95 points, or 0.1%, to 2,748.75. Nasdaq-100 futures












NQH8, +0.12%










added 9.75 points, or 0.2%, to 6,697.75.

On Monday, the Dow












DJIA, -0.05%










 edged back by less than 0.1% from Friday’s record close, while the S&P 500












SPX, +0.17%










 and Nasdaq Composite












COMP, +0.29%










 both finished at fresh all-time highs.

The three equity benchmarks have gained between 21% and 29% over the past 12 months, supported by factors such an expanding global economy, growth in corporate profits and enthusiasm over the Trump administration’s tax cuts.

What could drive markets?

The upbeat sentiment that has kept the 2017 global stock rally running into the new year still has a grip on the market. Fresh data out Tuesday could give a lift to or dampen that enthusiasm.

A December figure for small-business confidence is slated to hit at 6 a.m. Eastern Time, and a November report on job openings and labor turnover is on tap for 10 a.m. Eastern.

Check out: MarketWatch’s Economic Calendar

On the Federal Reserve front, Minneapolis Fed President Neel Kashkari is slated to take part in a panel discussion at 10 a.m. Eastern at the suburban Minneapolis headquarters of conglomerate Cargill Inc.

READ  Final frontier for markets? An ETF related to outer space could blast off soon

What are strategists saying?

“There is very little for markets to be taking too much notice of in the economic calendar today. The only real interest comes in the U.S. JOLTS jobs openings,” said Richard Perry, a Hantec Markets analyst, in a note Tuesday.

Which stocks look like key movers?

Alibaba Group Holding Ltd.’s stock












BABA, -0.19%










 traded 0.3% higher in premarket action after the Chinese e-commerce giant’s founder, Jack Ma, promised to consider listing in Hong Kong.

Shares in Intel Corp.












INTC, +0.00%










 were little changed in premarket trading after CEO Brian Krzanich delivered a speech at CES late Monday. He detailed advances in virtual reality and other technologies, while also addressing the dark cloud hanging over chip makers.

Supermarket chain Supervalu Inc.












SVU, +0.72%










 could see active trading as it’s among the companies expected to post earnings before the open.

What are other assets doing?

European stocks












SXXP, +0.35%










were gaining ground, and most Asian markets closed higher. Oil futures












CLG8, +0.19%










 added to their recent advance, but gold futures












GCG8, -0.35%










 were pulling back. The ICE U.S. Dollar Index












DXY, +0.23%










was modestly higher.



Source link

GET ACCESS TO FREE TRAINING NOW

LEAVE A REPLY

Please enter your comment!
Please enter your name here