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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 higher opening on Monday, with stocks poised to add to the gains posted last week.
Stocks may benefit from optimism about the outlook for Republican tax reform, which would cut corporate and individual tax rates.
?The House and Senate have agreed to a unified tax plan, and we will deliver it to the President?s desk just in time for Christmas,? said House Majority Leader Kevin McCarthy, R-Calif.
He added, ?We have been working toward this for years, and now the American people are closer to a plan that will deliver higher wages, lower taxes, a simpler system, and a stronger American economy.?
The House is scheduled to vote on the bill on Tuesday, with a vote in the Senate expected to follow short on the heels.
Stocks moved notably higher during trading on Friday following the downturn seen over the course of the previous session. The upward move on the day lifted all three of the major averages to new record closing highs.
The major averages gave back some ground going into the close but remained firmly positive. The Dow rose 143.08 points or 0.6 percent to 24,651.74, the Nasdaq spiked 80.06 points or 1.2 percent to 6,936.58 and the S&P 500 climbed 23.80 points or 0.9 percent to 2,675.81.
For the week, the Dow surged up by 1.3 percent, the Nasdaq jumped by 1.4 percent and the S&P 500 advanced by 0.9 percent.
The strength on Wall Street came as traders expressed optimism about Republican lawmakers passing tax reform legislation.
Senators Marco Rubio, R-Fla., and Bob Corker, R-Tenn., indicated they intend to vote for a revised tax reform bill, suggesting Republicans will have the votes to approve the plan.
A House-Senate conference committee seeking to negotiate differences in the bills passed by the two chambers is expected to release their combined legislation later in the day.
On the U.S. economic front, the Federal Reserve Bank of New York released a report showing growth in New York manufacturing activity slowed by more than anticipated in the month of December.
The New York Fed said its general business conditions index dropped to 18.0 in December from 19.4 in November, although a positive reading still indicates growth in regional manufacturing activity. The index had been expected to dip to 18.6.
Meanwhile, a separate report released by the Federal Reserve showed a smaller than expected increase in industrial production in the month of November.
The Fed said industrial production edged up by 0.2 percent in November after jumping by an upwardly revised 1.2 percent in October.
Economists had expected production to climb by 0.3 percent compared to the 0.9 percent increase originally reported for the previous month.
Semiconductor stocks showed a substantial move to the upside on the day, driving the Philadelphia Semiconductor Index up by 1.5 percent. Industry giant Intel (INTC) helped to lead the sector higher.
Significant strength was also visible among financial stocks, with the Dow Jones Banks Index and the NYSE Arca Broker/Dealer Index climbing by 1.3 percent and 1.5 percent, respectively.
Software, steel, and biotechnology stocks also moved notably higher, while natural gas and railroad stocks moved to the downside.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
At 10 am ET, the National Association of Home Builders is scheduled to release its report on homebuilder confidence in the month of December.
The NAHB/Wells Fargo Housing Market Index is expected to come in unchanged after rising to 70 in November.
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| | Stocks in Focus |
Shares of Amplify Snack Brands (BETR) are moving sharply higher in pre-market trading after Hershey (HSY) agreed to acquire the healthy snacks maker for $1.6 billion.
Snack maker Snyder?s-Lance (LNCE) may also move to the upside after Campbell Soup (SPC) agreed to acquire the company for nearly $4.9 billion.
Meanwhile, shares of CSX Corp. (CSX) may see further downside following the death of the railroad operator?s CEO. CSX announced COO Jim Foote was taking over for CEO Hunter Harrison last Friday. |
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| | Europe |
European stocks have moved notably higher on Monday, with some merger and acquisition activity, positive economic data from China and Japan as well as U.S. tax reform hopes helping underpin investor sentiment.
While the U.K.?s FTSE 100 Index has risen by 0.4 percent, the French CAC 40 Index and the German DAX Index are up by 1.3 percent and 1.6 percent, respectively.
Thales shares have soared in Paris on news the aerospace and defense group agreed to buy chipmaker Gemalto for 4.8 billion euros.
3i Infrastructure has also rallied in London after the company agreed to sell its stake in U.K. water supplies company Anglian Water Group.
Meanwhile, Unilever has edged lower after its announcement to sell spreads business to KKR for $8 billion.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Most Asian stocks rose on Monday after data showed Japanese export growth accelerated in November and top U.S. Republicans said they expect Congress to pass a tax code overhaul.
The legislation will reduce corporate as well as individual tax rates and is intended to boost growth in the world's largest economy.
China?s Shanghai Composite Index inched up 2.19 points or 0.1 percent to 3,268.33, while Hong Kong's Hang Seng Index climbed 202.30 points or 0.7 percent to 29,050.41.
House prices in majority of the Chinese cities increased in November, figures from the National Bureau of Statistics showed. On a monthly basis, house prices climbed in 50 cities out of 70 surveyed by the government.
Japanese shares rose for the first time in five sessions, as the yen weakened on optimism about lawmakers passing tax reform legislation in the U.S. and data showed Japanese exports grew at a faster than forecast pace in November.
The Nikkei 225 Index jumped 348.55 points or 1.6 percent to finish at 22,901.77, marking its biggest single-day rise in over a month, led by financials and exporters. The broader Topix index closed 1.4 percent higher at 1,817.90.
Exporters Sony, Honda and Toyota Motor jumped 1-3 percent, while banks Mitsubishi UFJ Financial and Sumitomo Mitsui Financial advanced 2.9 percent and 1.5 percent, respectively.
Meanwhile, Kajima Corp dropped 2.7 percent on a Nikkei report that the offices of Kajima and Shimizu were raided by Japanese prosecutors for alleged antitrust violations in a bid-rigging probe over a high-speed railway project.
Australian shares rose for the first time in three sessions, with positive political developments in the U.S. and an uptick in commodity prices on global growth optimism providing support.
The benchmark S&P/ASX 200 Index climbed 41.90 points or 0.7 percent to 6,038.90, while the broader All Ordinaries Index finished up 42.90 points or 0.7 percent at 6,130.
Lender ANZ rallied 2.1 percent after announcing a $1.5 billion share buyback. The other three banks rose between 0.1 percent and half a percent after the government said it foresees smaller budget deficits and expects to get back to surplus by 2020/21.
Higher commodity prices helped lift miners, with Rio Tinto and BHP Billiton rising 1-2 percent. Energy stocks closed on a mixed note.
Cloud collaboration software provider Aconex soared as much as 44 percent after it received a A$1.6 billion ($1.19 billion) buyout offer from U.S. technology giant Oracle (ORCL).
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| | Commodities |
Crude oil futures are climbing $0.24 to $57.54 a barrel after rising $0.26 to $57.30 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,262.20, up $4.70 from the previous session?s close of $1,257.50. On Friday, gold inched up $0.40.
On the currency front, the U.S. dollar is trading at 112.55 yen compared to the 112.60 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1789 compared to last Friday?s $1.1749.
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