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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 Tuesday, with stocks likely to extend the substantial rebound seen in the previous session.
Easing trade war concerns may continue to generate buying interest on Wall Street amid optimism the U.S. and China will reach an agreement on trade.
U.S. and Chinese officials have both indicated a willingness to negotiate, reminding traders that a trade war is not in the best interest of either country.
Trading activity may be somewhat subdued, however, as some traders may look to get a head start on the long holiday weekend.
After initially moving notably higher, stocks gave back some ground in morning trading on Monday before moving back to the upside in the afternoon. The rally on Wall Street came following the sell-off seen last week.
The major averages saw further upside going into the close, ending the session near their best levels of the day. The Dow spiked 669.40 points or 2.8 percent to 24,202.60, the Nasdaq soared 227.88 points or 3.3 percent to 7,220.54 and the S&P 500 jumped 70.29 points or 2.7 percent to 2,658.55.
Bargain hunting contributed to the rally on Wall Street, with the Dow bouncing off its lowest closing level in nearly four months.
Traders were inspired to pick up stocks at reduced levels amid easing concerns about a potential trade war between the U.S. and China.
Treasury Secretary Steven Mnuchin said in an interview on Fox News on Sunday that he is "cautiously hopeful" a trade agreement can be reached.
Mnuchin said that the U.S. would proceed with plans to impose tariffs on Chinese imports but stressed that negotiations are ongoing.
"We're having very productive conversations with them," Mnuchin said. "I'm cautiously hopeful we'll reach an agreement, but if not we are proceeding with these tariffs."
He added, "We are not putting them on hold unless we have an acceptable agreement that the president signs off on."
Chinese Premier Li Keqiang also told a conference on Monday that the U.S. and China should maintain negotiations to avoid a trade war.
Semiconductor stocks turned in some of the market's best performances on the day, driving the Philadelphia Semiconductor Index up by 4.2 percent. The index bounced off its lowest closing level in a month.
The strength in the sector partly reflected a report from the Financial Times indicating China has offered to buy more semiconductors from the U.S.
Intel (INTC) posted a notable gain after Raymond James upgraded its rating on the semiconductor giant to Market Perform from Underperform.
Substantial strength was also visible among financial stocks, which rebounded after falling sharply in the two previous sessions.
Reflecting the strength in the financial sector, the KBW Banks Index surged up by 3.6 percent and the NYSE Arca Broker/Dealer Index jumped by 3.1 percent.
Retail stocks also saw considerable strength, with Finish Line (FINL) posting a standout gain after the sportswear retailer agreed to be acquired by the U.K.'s JD Sports in a deal valued at about $558 million.
Telecom, biotechnology, oil and steel stocks also moved notably higher, while tobacco stocks were among the only groups to buck the uptrend.
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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 Conference Board is scheduled to release its report on consumer confidence in the month of March. The consumer confidence index is expected to edge up to 131.0 in March after jumping to 130.8 in February.
Atlanta Federal Reserve President Raphael Bostic is due to participate in a ?Conversation with John Hope Bryant? at the HOPE Global Forums annual meeting in Atlanta, Georgia, at 11 am ET.
At 1 pm ET, the Treasury Department is scheduled to announce the results of its auction of $35 billion worth of five-year notes.
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| | Stocks in Focus |
Shares of Red Hat (RHT) are moving significantly higher in pre-market trading after the Linux software distributor reported fourth quarter results that exceeded analyst estimates on both the top and bottom lines.
Spices company McCormick (MKC) are also seeing notable pre-market strength after reporting better than expected fiscal first quarter earnings and raising its full-year guidance.
Shares of GGP Inc. (GGP) may also move to the upside after the mall owner agreed to be acquired by Brookfield Property Partners (BPY) for $23.50 per share.
On the other hand, shares of Newell Brands (NWL) may come under pressure after SunTrust downgraded its rating on the consumer products company to Hold from Buy.
Online retailer Overstock.com (OSTK) is also seeing considerable pre-market weakness after announcing a proposed public offering of 4 million shares of its common stock.
Shares of Facebook (FB) may move back to the downside after Bank of America lowered its price target for the social media target for the second time in a week. |
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| | Europe |
European stocks have rebounded from one-year lows on Tuesday amid improved risk appetite following the rally on Wall Street on Monday.
While the U.K.?s FTSE 100 Index has shot up by 2 percent, the German DAX Index is up by 1.8 percent and the French CAC 40 Index is up by 1.4 percent.
British pharmaceutical firm GlaxoSmithKline has jumped after agreeing to buy Novartis AG's stake in its consumer healthcare joint venture.
Heating and plumbing supplier Ferguson has also moved sharply higher after announcing a $1 billion special dividend.
Dutch paint maker Akzo Nobel NV has rallied after announcing the sale of its Specialty Chemicals business to The Carlyle Group and GIC for an enterprise value of 10.1 billion euros.
French retailer Casino Group has also jumped after signing a distribution deal with Amazon. German wind turbines maker Nordex has climbed after saying it is "well prepared" to face a challenging 2018.
Meanwhile, Swedish retailer Hennes & Mauritz AB has plunged after its first quarter profit tumbled 44 percent due to by weak sales development as well as higher markdowns.
In economic news, Eurozone economic confidence deteriorated for the third consecutive month in March, survey data from European Commission showed.
The economic confidence index fell more than expected to 112.6 in March from 114.2 in February. The expected score was 113.3.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks rose broadly on Tuesday amid improved risk appetite as trade war worries eased following reports that the U.S. and China are willing to negotiate trade-related issues.
Chinese shares snapped a four-session losing streak as tech stocks surged after recent losses on Facebook's data security issues. The benchmark Shanghai Composite Index rallied 32.57 points or 1 percent to 3,166.29, while Hong Kong's Hang Seng Index advanced 242.06 points or 0.8 percent to 30,790.83.
Japanese shares led regional gains as the yen lost ground for a second straight session on the back of improved risk appetite. The Nikkei 225 Index jumped 551.22 points or 2.7 percent to 21,317.32, and the broader Topix Index ended 2.7 percent higher at 1,717.13.
Chip manufacturers outperformed, with Advantest and Tokyo Electron rising about 3 percent each. Exporter Sony rallied 3 percent, Panasonic soared 5 percent and construction equipment maker Komatsu added 5.1 percent.
Australian shares rebounded after the Dow posted its third-biggest point gain overnight on hopes that a trade war between the U.S. and China is avoidable. The benchmark S&P/ASX 200 Index climbed 41.80 points or 0.7 percent to 5,832.30, while the broader All Ordinaries Index ended up 42.30 points or 0.7 percent at 5,943.70.
Mining heavyweights BHP Billiton and Rio Tinto rose over 1 percent each despite lower base metal prices. Smaller rival Fortescue Metals Group shed 0.7 percent after cutting its iron ore price forecast. Gold miner Newcrest lost 1.7 percent after an update on its Cadia operations.
Copper miner OZ Minerals gained 1.1 percent after it launched a takeover bid for Avanco Resources. Energy stocks also closed broadly higher despite crude oil prices declining overnight.
On the data front, Australian consumer confidence weakened during the week ended March 25th, a weekly survey compiled by the ANZ bank and Roy Morgan Research showed. The corresponding index dropped to 117.4 from 118.5 in the preceding week.
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| | Commodities |
Crude oil futures are climbing $0.77 to $66.32 a barrel after falling $0.33 to $65.55 a barrel on Monday. Meanwhile, after rising $5.10 to $1,355 an ounce in the previous session, gold futures are slumping $13.80 to $1,341.20 an ounce.
On the currency front, the U.S. dollar is trading at 105.80 yen compared to the 105.41 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.2385 compared to yesterday?s $1.2444.
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