Translate

Search This Blog

Search Tool




Asian Markets at Close Report

European Markets at Close Report

Jan 3, 2017

U.S. Stock Market Future Indications on January 3, 2017: Dow on Pace to Open More Than 100 Points Higher on 2017's First Trading Day


Victor Reklaitis


U.S. stock futures on Tuesday pointed to a rise at the open, putting the equity market on track to start the new year on an upbeat note.

They were joining in a global rally, with Asian markets higher after encouraging Chinese manufacturing data and European stocks building on their gains from Monday.
Dow Jones Industrial Average futures YMH7, +0.61%  advanced by 111 points, or 0.6%, to 19,831, while S&P 500 futures  ESH7, +0.61%  rose by,12.30 points, or 0.6%, to 2,248.50. Nasdaq-100 futures NQH7, +0.67%  tacked on 31.50 points, or 0.7%, to 4,895.50.
On Friday, the Dow DJIA, -0.29% closed lower for the session and the week, but higher by 7.9% for 2016’s fourth quarter, as well as up 13.4% for 2016. The S&P 500 SPX, -0.46%  and Nasdaq Composite COMP, -0.90%  also retreated in Friday’s session and during last week, but scored solid gains for Q4 and the past year.
Read: Impressed by the Dow? This stock market has performed just as well in 2016
The U.S. stock market achieved all-time highs in December thanks in part to expectations for more fiscal spending and tax reforms following Donald Trump’s election win, but analysts have warned about the potential for a hangover. President-elect Trump is slated to be inaugurated on Jan. 20.
“Markets are starting to look a little rich — so they will need evidence after 20th January that President Trump intends to crack on,” said David Buik, market commentator for Panmure Gordon, in an note. “Otherwise there may be congestion, resulting in markets taking some well-earned profits.”
What Trump's North Korea tweets mean
U.S. President-elect Donald Trump took to Twitter again to plant a foreign-policy flag — this time on North Korea.
Other markets: Oil futures CLG7, +2.20%  and a key dollar index DXY, +0.97% traded higher, while gold futures GCG7, -0.27%  were little changed.
Economic news: Two December readings on manufacturing are slated to hit after the opening bell, with one from Markit due at 9:45 a.m. Eastern Time, followed by the Institute for Supply Management’s release expected at 10 a.m. Eastern. Economists polled by MarketWatch forecast a reading of 53.5% for the ISM figure.
A November report on construction spending is on tap for 10 a.m. Eastern, with 0.6% growth expected.
Check out: MarketWatch’s Economic Calendar