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| | US Market |  | | NYSE | AMEX | Dow Jones | Nasdaq |  |  |  |  | | Please click on the images to view our interactive charts | | | The major U.S. index futures are pointing to a slightly higher opening on Monday, with stocks poised to extend the upward trend seen over the past several sessions.
Stocks moved mostly higher over the course of the trading session on Friday following the mixed performance seen in the previous session. With the upward move on the day, the major averages once again reached new record closing highs.
The major averages finished the session firmly in positive territory. The Dow advanced 165.59 points or 0.7 percent to 23,328.63, the Nasdaq rose 23.99 points or 0.4 percent to 6,629.04 and the S&P 500 climbed 13.11 points or 0.5 percent to 2,575.21.
For the week, the Dow jumped by 2 percent, while the Nasdaq and the S&P 500 increased by 0.4 percent and 0.9 percent, respectively.
The strength on Wall Street was partly in reaction to news that Senate Republicans approved a budget resolution that will serve as the legislative vehicle for their tax reform plan.
The non-binding budget resolution unlocks the reconciliation process, allowing Republicans to pass their tax reform plan with a simple 51-vote majority in the Senate.
The Senate voted 51 to 47 in favor of the measure, with the vote largely coming down along party lines. Senator Rand Paul, R-Ken., was the only Republican to vote against the resolution.
"This now allows for the passage of large scale Tax Cuts (and Reform), which will be the biggest in the history of our country!" President Donald Trump said in a post on Twitter.
The GOP's tax reform plan includes a reduction in the corporate tax rate to 20 percent from 35 percent as well as a consolidation in personal income tax brackets to three from seven.
Positive sentiment was also generated by a report from the National Association of Realtors showing an unexpected rebound in existing home sales in the month of September.
NAR said existing home sales climbed by 0.7 percent to an annual rate of 5.39 million in September from a rate of 5.35 million in August. Economists had expected existing home sales to drop to a rate of 5.30 million.
Among individual stocks, shares of General Electric (GE) turned higher over the course of the session even though the industrial conglomerate reported third quarter earnings well below analyst estimates and slashed its full-year earnings forecast.
The rebound by GE came after new Chief Executive John Flannery vowed to sell or spin off $20 billion worth of assets as part of "sweeping change" at the company.
Digital payments company PayPal (PYPL) posted a standout gain after the company reported third quarter results that exceeded analyst estimates on both the top and bottom lines.
On the other hand, shares of Procter & Gamble (PG) came under pressure after the consumer products giant reported better than expected fiscal first quarter earnings but on sales that came in slightly below estimates.
Banking stocks showed a strong move to the upside on the day amid optimism about tax reform, with the Dow Jones Banks Index climbing by 1.6 percent. With the gain, the index reached its best closing level in well over nine years.
First Republic Bank (FRC), People's United Financial (PBCT), and Capital One (COF) turned in some of the banking sector's best performances.
Significant strength was also visible among trucking stocks, as reflected by the 1.2 percent gain posted by the Dow Jones Trucking Index. The index climbed to a new record closing high.
Railroad, software, and networking stocks also saw notable strength on the day, while biotechnology stocks moved to the downside.
Within the biotech sector, Celgene (CELG) posted a steep loss after the biopharmaceutical company discontinued two studies of its drug to treat Crohn's disease and said it would not begin a third. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The economic calendar starts the week relatively quiet, although reports on durable goods orders, new home sales, pending home sales, and consumer sentiment may attract attention in the coming days. |
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| | Stocks In Focus |
Shares of PayPal (PYPL) are moving sharply higher in pre-market trading after the digital payments company reported third quarter results that exceeded analyst estimates on both the top and bottom lines.
Online brokerage E*Trade (ETFC) may also move to the upside after reporting third quarter earnings that beat analyst estimates.
Shares of WD-40 (WDFC) could also see early strength after the maintenance and cleaning product company reported better than expected fiscal fourth quarter earnings.
On the other hand, shares of General Electric (GE) may come under pressure after the industrial conglomerate reported third quarter earnings well below analyst estimates and slashed its full-year earnings forecast.
Biopharmaceutical company Celgene (CELG) is also likely to see early weakness after halting two studies of its drug to treat Crohn's disease and saying it would not begin a third.
Shares of Procter & Gamble (PG) are also seeing pre-market weakness after the consumer products giant reported better than expected fiscal first quarter results but on sales that came in slightly below estimates. |
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| | Europe markets | | European stocks were broadly higher on Monday as investors shrugged off the standoff between Spain and Catalonia and Japanese Prime Minister Shinzo Abe's solid election win made it tough for the Bank of Japan to scale back its stimulus.
A pullback in metals prices weighed on commodity- related stocks and financials also lost ground ahead of the ECB's monetary policy decision due Thursday, helping limit overall gains to some extent.
The pan-European Stoxx Europe 600 index was up 0.4 percent at 391.56 in late opening deals after rising 0.3 percent on Friday.
The German DAX was moving up 0.6 percent, France's CAC 40 index was adding 0.7 percent and the U.K.'s FTSE 100 was up 0.1 percent.
Spain's IBEX index was down 0.2 percent, dragged down by banks as the constitutional crisis in Spain over Catalonia continued.
Dutch healthcare technology company Philips rallied 1.6 percent as it reported a 12 percent rise in third-quarter core profit.
Swedish security services group Securitas jumped 3.3 percent after its Q3 organic sales topped forecasts.
British building materials group CRH climbed 2.3 percent. The company said it would go ahead with its $3.5 billion acquisition of Ash Grove Cement Company.
Engineering group GKN jumped more than 3 percent after a report that it was considering splitting itself into two companies.
Spire Healthcare climbed 12 percent after the healthcare firm said it has rejected a takeover by South African private hospitals operator Mediclinic International.
France-KLM shares rallied 1.5 percent. The Franco-Dutch airline announced that KLM has reached new pension scheme agreements with its pilot and cabin staff unions.
On the flip side, British car dealer Pendragon slumped 17 percent after a profit warning. |
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| | Asia markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Asian stocks ended broadly higher on Monday after the U.S. Senate approved a budget blueprint that paves the way for tax cuts and Japanese Prime Minister Shinzo Abe's ruling Liberal Democratic Party scored a big win in the nationwide parliamentary election Sunday, paving the way for a continuation of loose monetary policy.
Chinese shares finished marginally higher as home-price growth data disappointed investors and markets awaited cues from a key political congress. Hong Kong's Hang Seng index was down 181 points or 0.64 percent at 28,305 in late trade.
Japanese shares rallied as the dollar hit a three-month high versus the yen following the weekend election victory for Shinzo Abe. The Nikkei average jumped 239 points or 1.11 percent to 21,696, extending gains for the fifteenth straight session and marking its longest winning streak on record.
The broader Topix index closed 0.84 percent higher at 1,745.25. Exporters and banks led the gainers, with Panasonic, Nissan Motor and Mitsubishi UFJ Financial rising about 2 percent each.
Australian shares gave up early gains to end lower, dragged down by financials and real-estate stocks. The benchmark S&P/ASX 200 dropped 13 points or 0.22 percent to finish at 5,894 after reaching a near six-month high earlier in the day. The broader All Ordinaries index finished 11.40 points or 0.19 percent lower at 5,957.20.
ANZ Banking slid 0.2 percent after it settled court action over alleged interest rate rigging. Commonwealth bank lost 0.4 percent and Westpac declined 0.3 percent. Miners turned in a mixed performance despite Chinese iron ore futures climbing more than 5 percent on Friday.
Gold miners succumbed to selling pressure, with Northern Star and Evolution Mining losing 1-2 percent after gold prices dropped to their lowest in two weeks on Friday. |
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| | Commodity, Currency Markets | | Crude oil futures are edging up $0.13 to $51.97 a barrel after rising $0.18 to $51.47 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,275, down $5.50 from the previous session’s close of $1,280.50. On Friday, gold slid $9.50.
On the currency front, the U.S. dollar is trading at 113.81 yen compared to the 113.52 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.17335 compared to last Friday’s $1.1784. |
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