Wall Street Aims To Surge At Open
The President-elect Joe Biden’s vision on new policies might be getting the attention of investors. Though President Trump has not yet conceded, Biden and his team go ahead to define new policies, prior to assuming the new office.
Early signs from the U.S. Futures Index suggest that Wall Street might open exceptionally higher at the open.
Asian shares finished broadly up, while European shares are trading on a positive note.
As of 7.30 am ET, the Dow futures were adding 1514.00 points, the S&P 500 futures were gaining 127.75 points and the Nasdaq 100 futures were progressing 68.25 points.
The U.S. major averages finished broadly down on Friday. The Nasdaq inched up 4.30 points or less than a tenth of a percent to 11,895.23, the Dow dipped 66.78 points or 0.2 percent to 28,323.40 and the S&P 500 edged down 1.01 points or less than a tenth of a percent to 3,509.44.
On the economic front, the Investor Movement Index for October will be released at 12.30 pm ET. In September, the Index was at 5.71.
Three-year Treasury Note Auction will be held at 1.00 pm ET.
Cleveland Federal Reserve Bank President Loretta Mester will deliver the opening keynote at the Philadelphia Fed’s Fourth Annual Fintech Conference virtual event, with audience Q&A at 1.30 pm ET.
Federal Reserve Board of Directors Vice-Chair for Supervision Randal Quarles to testify about “Supervision and Regulation” at the Senate Banking Committee hearing on “Oversight of Financial Regulators” at 2.20 pm ET.
Asian stock markets are notably higher on Monday. Chinese shares finished positive and the Shanghai SE Composite Index was up 61.57 points or 1.86 percent at 3,373.73.
The Japanese market is notably higher. The benchmark Nikkei 225 Index is adding 495.50 points or 2.04 percent to 24,820.73, after touching a high of 24,829.12 earlier. Japanese shares closed at a 29-year high on Friday.
The Australian market is rising to its highest levels since March. The benchmark S&P/ASX 200 Index is advancing 93.70 points or 1.51 percent to 6,283.90, after touching a high of 6,291.80 earlier. The broader All Ordinaries Index is adding 101.90 points or 1.59 percent to 6,496.90. Australian stocks closed higher on Friday.
European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is declining 159.54 points or 3.37 percent. The German DAX is adding 576.01 points or 4.62 percent, the U.K. FTSE 100 Index is gaining 257.71 points or 4.30 percent.
The Swiss Market Index is progressing 191.21 points or 1.87 percent.
The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 5.10 percent.
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