S&P 500 index futures hit a record intraday high on Wednesday, pointing to a revival of the post-election rally, encouraged by President Donald Trump’s push for pro-growth policies.
* The S&P 500 .SPX and the Nasdaq Composite .IXIC closed at record levels on Tuesday after Trump signed executive orders to move forward with the construction of two oil pipelines.
* Trump also pushed the Big Three U.S. automakers to establish manufacturing plants in the country.
* The Trump rally ran out of steam in recent weeks as investors fretted about the lack of detail on growth initiatives such as tax and regulatory reforms that Trump had promised during his campaign.
* The dollar dropped to a near seven-week low on Wednesday of 99.84 as concerns about Trump’s protectionism stance on trade lingered.
* A largely positive fourth-quarter earnings season also buoyed sentiment. Of the 79 S&P 500 companies that have reported earnings so far, nearly 70 percent have beaten expectations, according to Thomson Reuters I/B/E/S.
* Dow component Boeing’s (BA.N) shares rose 1.53 percent to $163 after the planemaker reported results.
* Seagate (STX.O) shares surged 12.3 percent to $42.06 in light premarket trading after the hard-disk drive maker forecast current-quarter revenue above estimates, buoyed by strong demand for its cloud-based storage products.
* Aluminum producer Alcoa (AA.N) rose 4.2 percent to $39.10 after reporting a better-than-expected first quarter revenue.
* AT&T (T.N) and Qualcomm (QCOM.O) are scheduled to report results after market close.
Futures snapshot at 6:52 a.m. ET:
* Dow e-minis 1YMc1 were up 58 points, or 0.29 percent, with 19,100 contracts changing hands.
* S&P 500 e-minis ESc1 were up 6 points, or 0.26 percent, with 93,039 contracts traded.
* Nasdaq 100 e-minis NQc1 were up 19.75 points, or 0.39 percent, on volume of 19,562 contracts.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Dean Popplewell
He has a deep understanding of market fundamentals and the impact of global events on capital markets.
He is respected among professional traders for his skilled analysis and career history as global head
of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean
has played an instrumental role in driving awareness of the forex market as an emerging asset class
for retail investors, as well as providing expert counsel to a number of internal teams on how to best
serve clients and industry stakeholders.
Latest posts by Dean Popplewell (see all)
- Euro zone bond yields sink as German manufacturing slows - 24 July 2019
- How Boris Johnson Plans to Deliver Brexit in 100 Days - 24 July 2019
- Weak PMI’s Sink EUR - 24 July 2019