The Mondays started wonderfully got stock-index futures as they rose y, indicating major benchmarks would build on their strongest week since November.
What are major benchmarks up to now?
The Dow Jones Industrial Average YM00, 0.44%, rose 141 points or 0.5%. Meanwhile S&P 500 shares ES00, 0.40% riled up 155 points, or 0.4%. NASDAQ-100 shares NQ00, 0.44% acquired 59 additional points, or 0.4%, to trade at 13,657. Overall, February got off to a strong start for major indexes.
What is driving the market?
Stocks pushed higher a week ago as robust earnings met them. Meanwhile, Democrats took steps to allow the Senate to vote on President Joe Biden’s relief plan without Republican support. In fact, Biden is not expected to see his full USD1.9 trillion plan enacted, as recent analytical reports showed that the January jobs report on Friday was seen enhancing prospects for bigger spending.
Moreover, Biden’s plan could fuel strong enough growth to return the U.S. to full employment by next year. Investors face another busy week of earnings. Companies are now on track to show positive earnings growth of 1.7% for the fourth quarter, with 58% of results already in. Following this index is expected to snap out of an earnings recession, which exists when corporate profits post year-over-year declines for two or more quarters in a row.
Which companies are in focus now?
Hasbro Inc. HAS, +0.42% shares rose in premarket trade after the toy producer detailed final quarter revenue and profit report.
Shares of Energizer Holdings Inc. ENR, +1.30%, were up over 2% in premarket action after beating profit podcasts.
- The yield on the 10-year Treasury note TMUBMUSD10Y, 1.180%, rose almost 2 Basis points to about 1.185%. Yields and security costs moved in the opposite direction.
- The ICE U.S. Dollar Index, DXY, went up 0.1%, near 91.17.
- Gold shares GCJ21, 0.99% rose 0.8%, to exchange close USD1,827.90 an ounce, notwithstanding the solid dollar.
- Crude oil for March delivery CLH21, 1.14% traded closer to USD57.49 a barrel, up 1.1% or 63 pennies.
- The Stoxx 600 Europe record SXXP, +0.57%, was trading 6% higher, while London’s FTSE 100 UKX climbed 1.06%.
- In Asian trade overnight, for the time being, the Shanghai Composite SHCOMP, +1.03%, finished 1% higher, Hong Kong’s Hang Seng Index HSI, +0.11% ticked up 0.1%, and Japan’s Nikkei 225 NIK hopped 2.1%.