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U.S. equity futures moved higher again in early Monday trading, extending last week’s record post-election rally, as risk appetite continues to improve following a sweeping election win for former President Donald Trump and the likely control of both houses of Congress by his Republican allies.
Stocks ended last week’s election-fueled rally on a high note, with the S&P 500 notching its 50th record high close of the year as markets bet on a boost to corporate profits from the various trade, regulatory and tax proposals from a new Trump administration.
The tech-focused Nasdaq gained 5.74% for the week, a move that lead the three major benchmarks and lifted its year-to-date advance to around 28.5%, as Tesla (TSLA) shares topped the $1 trillion mark and Nvidia (NVDA) consolidated its place over Apple AAPL as the world’s most valuable company.
Home Depot will headline a light slate of corporate earnings this week as it reports third profits earnings before the market opens on Tuesday.
Jeff Greenberg/Getty Images
Markets are set for another round of gains, with all three major indices called higher in premarket dealing, although trading volumes are likely to be muted given that bond markets will remain closed for Veterans’ Day observances.
Action will pick up Tuesday, however, with the New York Fed’s inflation expectations reading, and with Wednesday’s Commerce Department reading of CPI inflation for the month of October. Retail sales figures are expected on Friday.
A relatively light calendar of earnings is on tap this week, with only 11 S&P 500 companies expected to report third quarter earnings, including Home Depot (HD) , Cisco Systems (CSCO) , Walt Disney (DIS) and Applied Materials (AMAT) .
With around 446 companies reporting so far this earnings season, collective S&P 500 profits are forecast to rise 8.6% from last year to $527 billion, according to LSEG data. That tally is expected to improve to 10% over the final three months of the year.
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Heading into the start of the trading day on Wall Street, futures contracts tied to the S&P 500, which is up 25.7% for the year and passed the 6,000 point mark for the first time ever on Friday, suggest a modest opening bell gain of around 16 points.
Futures linked to the Dow Jones Industrial Average, which booked five day gain of 4.6% last week, suggest a 160 point opening bell boost while the Nasdaq is called 45 points higher.
Tesla shares are back in the driver’s seat, rising 7.4% in heavy premarket trading volume to $344.52 each, the highest since April of 2022, after topping the $1 trillion mark on Friday.
Trump Media & Technology (DJT) shares were also active, rising 5.7% to $33.73 each following Friday comments from the President-elect that he is not going to sell his stake in the Truth Social parent.
Coinbase Global (COIN) shares surged nearly 17% to a year-to-date high of $316.58 each following another round of record high prices for digital currencies, a key part of the group’s trading platform, and new record high of just over $82,000 for bitcoin.
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In overseas markets, improved global investor sentiment helped the regional Stoxx 600 benchmark rise 1.17% in early Frankfurt trading, with Britain’s FTSE 100 rising 0.74% in London.
Overnight in Asia, last week’s disappointing stimulus update from government officials in China pulled Hong Kong stocks lower, dragging the MSCI ex-Japan index 0.9% into the red by the close of trading.
Japan’s Nikkei 225, meanwhile, ended the session 0.08% higher to take its year-to-date gain to around 18.8%.
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