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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 extend the rally seen in the previous session.
Stocks may continue to benefit from a positive reaction to the monthly jobs data released by the Labor Department last Friday.
Trading activity may be somewhat subdued, however, with a lack of major U.S. economic data likely to keep some traders on the sidelines.
Stocks moved sharply higher over the course of the trading day on Friday, adding the gains posted on Thursday. With the upward move on the day, the tech-heavy Nasdaq closed higher for the sixth straight session, reaching a record closing high.
The major averages saw further upside going into the close, ending the session at their best levels of the day. The Dow jumped 440.53 points or 1.8 percent to 25,335.74, the Nasdaq spiked 132.86 points or 1.8 percent to 7,560.81 and the S&P 500 surged up 47.60 points or 1.7 percent to 2,786.57.
For the week, the Nasdaq soared by 4.2 percent, while the Dow and the S&P 500 shot up by 3.3 percent and 3.5 percent, respectively.
The rally on Wall Street came after the Labor Department released a report showing much stronger than expected job growth in February.
The Labor Department said non-farm payroll employment surged up by 313,000 jobs in February after jumping by an upwardly revised 239,000 jobs in January.
Economists had expected employment to climb by 200,000 jobs, matching the increase originally reported for the previous month.
Despite the stronger than expected job growth, the unemployment rate held at 4.1 percent in February. The unemployment rate had been expected to dip to 4.0 percent.
The report also said the annual rate of growth in average hourly employee earnings fell to 2.6 percent in February from 2.8 percent in January.
The markets also benefited from easing geopolitical concerns amid news President Donald Trump has agreed to meet with North Korean leader Kim Jong-Un.
In a post on Twitter, Trump said, "Kim Jong Un talked about denuclearization with the South Korean Representatives, not just a freeze. Also, no missile testing by North Korea during this period of time."
"Great progress being made but sanctions will remain until an agreement is reached," he added. "Meeting being planned!"
The meeting between Trump and Kim would be the first between a sitting U.S. president and a North Korean leader.
Financial stocks turned in some of the market's best performances on the day, benefiting from economic optimism following the upbeat jobs data.
Within the financial sector, brokerage stocks posted particularly strong gains, driving the NYSE Arca Broker/Dealer Index up by 2.5 percent to a record closing high.
Significant strength was also visible among transportation stocks, as reflected by the 2.6 percent jump by the Dow Jones Transportation Average. Railroad operators Union Pacific (UNP) and Norfolk Southern (NSC) posted standout gains.
Oil service stocks also saw considerable strength on the day, resulting in a 2.2 percent advance by the Philadelphia Oil Service Index.
Semiconductor, chemical and retail stocks also moved notably higher, reflecting broad based buying interest on Wall Street.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
At 11:30 am ET, the Treasury Department is scheduled to announce the results of its auction of $28 billion worth of three-year notes.
The Treasury Department is also to announce the results of its auction of $21 billion worth of ten-year notes at 1 pm ET.
In the coming days, reports on consumer and producer price inflation, retail sales, regional manufacturing activity, housing starts and industrial production are likely to attract attention. |
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| | Europe |
European stocks are mostly higher on Monday as strong U.S. jobs data stoked optimism about global growth and German utilities E.ON and RWE announced they are planning a major asset swap involving RWE subsidiary Innogy.
While the German DAX Index has advanced by 0.7 percent, the French CAC 40 Index is up by 0.3 percent and the U.K.?s FTSE 100 Index is up by 0.1 percent.
RWE has soared after the company reached an agreement in principle according to which RWE shall sell its 76.8 percent stake in Innogy SE to E.ON. Innogy and E.ON have also rallied.
Deutsche Bank has risen on reports that the management board is seeking to cut as many as 6,000 jobs at the lender's retail unit by the end of 2022.
Air France KLM has climbed amid reports that a consortium of India's Jet Airways, Air France-KLM and Delta Air Lines are bidding for national carrier Air India.
British engineering group GKN has advanced after Melrose raised its offer for the company to 8.1 billion pounds.
Meanwhile, Swiss bakery business Aryzta has tumbled after reporting a wide first-half net loss.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks rose on Monday as geopolitical tensions eased, commodity prices advanced and the latest jobs report showed the U.S. economy added the biggest number of jobs in over 1-1/2 years in February. Wages have lagged behind the growth in employment, helping ease investor fears over a faster pace of rate hikes by the Federal Reserve.
Chinese stocks rose for a third day as easing trade war fears helped lift material stocks. The benchmark Shanghai Composite Index rose 19.16 points 0.6 percent to 3,326.33, while Hong Kong's Hang Seng Index was surged up 598.12 points or 1.9 percent to 31,594.33.
Japanese shares rallied but ended off their day's highs on worries that a suspected cronyism scandal involving the sale of state-owned land could hit Prime Minister Shinzo Abe's popularity.
Also, Japan's business survey index of large manufacturers weakened notably in the three months ended March, the quarterly survey by the Ministry of Finance and the Cabinet Office showed, triggering some profit taking.
The Nikkei 225 Index ended 354.83 points or 1.7 percent higher at 21,824.03 after reaching as high as 21,971.16 earlier in the day.
The broader Topix index rose 1.51 percent to 1,741.30, led by exporters, steelmakers and technology stocks. Canon, Panasonic, Sumco, Tokyo Electron, Nippon Steel and Japan Steel Works gained 2-3 percent.
Australian shares gained ground, led higher by financials and material stocks as the latest U.S. jobs report stoked optimism about global growth and base metal prices recovered on the back of news that Australia would be exempt from new U.S. trade tariffs on steel and aluminum imports.
The benchmark S&P/ASX 200 Index climbed 32.90 points or 0.6 percent to 5,996.10, while the broader All Ordinaries Index ended 0.5 percent higher at 6,101.40.
Mining heavyweights BHP Billiton and Rio Tinto jumped over 2 percent each while steel producer Bluescope Steel advanced 3.7 percent. The big four banks rose around half a percent each.
Oil Search, Santos, Origin Energy and Woodside Petroleum rallied 1-3 percent after crude oil prices gained more than 3 percent on Friday.
Gold miner Newcrest Mining tumbled 4.6 percent after a dam wall breach led to operations being suspended at its main mine.
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| | Commodities |
Crude oil futures are falling $0.47 to $61.57 a barrel after spiking $1.92 to $62.04 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,318, down $6 from the previous session?s close of $1,324. On Friday, gold rose $2.30.
On the currency front, the U.S. dollar is trading at 106.60 yen compared to the 106.82 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.2298 compared to last Friday?s $1.2307.
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