Watch Futures rise as COVID-sensitive sectors get better – Reuters Markets & Finance News

Wall St Week Ahead Investors bet on second wind for lagging U.S. small caps

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A road signal for Wall Avenue is seen exterior the New York Inventory Alternate (NYSE) in Manhattan, New York Metropolis, U.S. December 28, 2016. REUTERS/Andrew Kelly/File Photograph

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  • Futures up: Dow 0.43%, S&P 0.37%, Nasdaq 0.34%

Nov 22 (Reuters) – U.S. inventory index futures rose on Monday as power and financial institution shares recovered barely from final week’s losses, though anticipation of a number of financial readings this week saved positive factors in verify.

Nasdaq futures hit a document excessive as demand for know-how shares remained robust. Heavyweights, together with most FAANG majors, rose in premarket commerce.

Tech had largely outperformed different sectors final week, serving to the Nasdaq (.IXIC) to shut over the 16,000 degree for the primary time as issues over rising COVID-19 circumstances in Europe drove up safe-haven demand.

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Financial institution shares had been set to get better from steep losses final week, when safe-haven demand despatched Treasury yields down sharply. Yields had been regular on Monday.

Travel and power shares, which had been among the many worst performers final week, additionally marked small positive factors earlier than the open.

Nonetheless, positive factors in most sectors had been constrained as traders awaited a slew of financial readings this week, together with IHS enterprise exercise readings, private consumption expenditure, and minutes of the Federal Reserve’s final assembly.

Together with a watch on the Fed’s plans for tightening coverage, traders are additionally anticipating an announcement from President Joe Biden on his decide for the subsequent Fed chair.

Buyers anticipate present chair Jerome Powell to remain on for one more time period, though Fed Governor Lael Brainard can be seen as a candidate for the place.

At 6:29 a.m. ET, Dow e-minis had been up 154 factors, or 0.43%. S&P 500 e-minis had been up 17.5 factors, or 0.37% and Nasdaq 100 e-minis had been up 56.75 factors, or 0.34%.

Wall Avenue indexes had hit document highs this month as a robust third-quarter earnings season confirmed that almost all company income had been but to be dented by rising inflation and provide chain points.

Amongst different premarket movers, Tesla Inc (TSLA.O) gained 2.8% after Chief Government Elon Musk tweeted that Mannequin S Plaid will “probably” be coming to China round March. learn extra

Activision Blizzard (ATVI.O) slipped 1.1% after a media report that the online game writer’s prime boss, Bobby Kotick, would contemplate leaving if he can not rapidly repair tradition issues. learn extra

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Reporting by Ambar Warrick in Bengaluru; Modifying by Maju Samuel

Our Requirements: The Thomson Reuters Belief Ideas.

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