MARKET SNAPSHOT: U.S. Stocks Poised For Higher Open As Rising Oil Prices Lift Trading Mood
26 Juni 2017 - 12:16PM
Dow Jones News
By Sara Sjolin, MarketWatch
Durable goods data on tap before the open
U.S. stocks were set to kick off the week on a sound footing
Monday, with futures rising alongside a rally in oil prices and
investors looking ahead to data that should provide a health check
on consumer confidence.
Futures for the Dow Jones Industrial Average rose 62 points, or
0.3%, to 21,401, while those for the S&P 500 index added 6.10
points, or 0.2%, to 2,440.75. Futures for the Nasdaq-100 index
climbed 19 points, or 0.3%, to 5,831.25.
The upbeat mood premarket comes after stocks finished mostly
higher on Friday
(http://www.marketwatch.com/story/us-stock-futures-hunt-for-a-catalyst-with-nasdaq-poised-for-a-weekly-win-2017-06-23).
In that session, investors scooped up energy shares, battered after
crude oil prices dropped to a 10-month low earlier in the week. The
S&P 500 ended 0.2% higher, and the Nasdaq Composite Index
climbed 0.5%, but the Dow average ended marginally lower.
On Monday, energy-related companies continued to perform well,
tracking a more than 1% jump in oil prices
(http://www.marketwatch.com/story/oil-prices-up-1-rising-for-third-session-in-a-row-2017-06-26).
Shares of Chesapeake Energy Corp.(CHK) climbed 2.4% premarket,
while ConocoPhillips(COP) added 1.7% and Exxon Mobil Corp.(XOM) put
on 0.4%.
Other stock movers: Shares of Yum! Brands Inc.(YUM) advanced
1.8% before the bell after Australian company Collins Foods Ltd.
(CKF.AU) said it is buying 28 KFC restaurants from the fast food
chain operator.
Economic news: A report on durable goods orders for May is due
at 8:30 a.m. Eastern Time.
Economists expect a decline in orders at the same rate as last
month, "which is likely to indicate that U.S. consumers are only
slightly rebounding and inflation is not likely to rise further
which, in turn, adds more credence to the Federal Reserve holding
off on any near-term rise in U.S. interest rates," said analysts at
FxPro in a note.
The Chicago Fed national activity index for May is also out at
8:30 a.m. Eastern. See MarketWatch's Economic Calendar
(http://www.marketwatch.com/economy-politics/calendars/economic).
In central bank news, San Francisco Fed President John Williams
said at a speech in Australia that gradual hikes in interest rates
are needed to avoid overheating the U.S. economy
(http://www.marketwatch.com/story/feds-williams-says-gradual-rate-hikes-are-needed-for-growth-2017-0).
Fed governor Jerome Powell will give a speech at the Salzburg
Global Seminar in Salzburg, Austria, at 6 a.m. Eastern.
Other markets:Asian stock markets closed higher
(http://www.marketwatch.com/story/asian-markets-gain-thanks-to-tech-stocks-and-commodities-2017-06-25)
across the board, helping Europe stocks open higher as well
(http://www.marketwatch.com/story/european-stocks-propelled-higher-by-italian-banks-nestle-shares-2017-06-26).
The dollar traded mixed against other major currencies, while
gold stumbled more than 1%.
(END) Dow Jones Newswires
June 26, 2017 06:01 ET (10:01 GMT)
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