Business

Dow futures up 180 points as stocks try to add to record levels

Pedestrians walk past the Wall Street subway station near the New York Stock Exchange in the snow.

Michael Nagle | Bloomberg | Getty Images

Futures contracts related to major US stock indexes rise After a strong finish last week, with an extended deal on Monday evening.

The Dow futures rose 180 points, suggesting an implicit open of about the same size, but the S & P 500 contract added 19.25 points, or 0.5%. Nasdaq 100 futures rose 67.5 points, or 0.5%.

The US stock market closed on Monday for President’s Day.

The key average ended with a decent rise last week, even though the February rally seemed somewhat cold. The average of the 30 Dow Jones Industrial Averages of the best stocks changed for two days, while the S & P 500 fluctuated within 0.2% for the third consecutive day.

Still, the S & P 500 ended the week with a 1.2% rise and the Dow rose 1%. The high-tech Nasdaq Composite index rose 1.7%. All three closed on Friday at record levels.

Equity strategists say expectations for the deployment of the Covid-19 vaccine, economic resumption, and more fiscal stimulus have been key to the strong February market so far.

Evercore ISI strategist Dennis Devschelet said in an email, “Covid is far from defeated, but the path to economic normalization becomes clearer as more vaccines are approved to reduce hospitalizations and eliminate deaths. Will be. “

“Secretary of the Treasury [Janet] Strong discussion of Yellen’s additional stimulus followed by Fed chair [Jerome] Powell described maximum employment as “our national goal” and contributed to last week’s bond yields, inflation expectations and rising oil prices. “

The Dow rose 4.9% in February, while the S & P 500 and Nasdaq rose 5.9% and 7.8%, respectively. The S & P 500 set a record closing price of 10 times in 2021.

Still, DeBusschere warns that rising interest rates and uncertain policy outlooks can prevent transactions from bubbling too much in the short term, a circular stock that could turn the most as the US economy recovers. Recommended to stick to.

The so-called circular sector, which is most sensitive to economic recovery, led the February rebound. Energy has increased by more than 13% in the past month, and finance and materials are also included in the major sectors.

Sub-freezing weather across the United States triggered another recovery in energy futures on Monday, bringing West Texas Intermediate Crude Oil contracts to over $ 60 a barrel for the first time since the early coronavirus pandemic.

In corporate news, CVS Health, Occidental Petroleum, Palantir and others will report earnings on Tuesday.

Executives from Robin Hood, Melvin Capital and Citadel will testify at the House Financial Services Commission on Thursday. Legislators could burn the group with GameStop and other violent trading of significantly short-circuited stocks.

Apply CNBC PRO For exclusive insight and analysis, and programming of live business days from around the world.

Dow futures up 180 points as stocks try to add to record levels

Source link Dow futures up 180 points as stocks try to add to record levels

Back to top button