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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 moderately higher opening on Tuesday, with stocks likely to extend the upward move seen in the previous session.
Continued buying interest may be generated in reaction to news of the preliminary trade agreement between the U.S. and Mexico.
President Donald Trump indicated the trade deal with Mexico is intended to replace the North American Free Trade Agreement but suggested Canada could be excluded from the new pact.
The president said negotiations with Canada would begin shortly but argued Canada must negotiate ?fairly? and threatened to raise tariffs on Canadian auto imports if an agreement cannot be reached.
Treasury Secretary Steven Mnuchin told CNBC he remains hopeful a revamped trade deal will get done with Canada but said the U.S. is ready to go forward with the agreement with Mexico.
?I think our objective is to try to get Canada on board quickly,? Mnuchin said on CNBC?s ?Squawk Box? on Tuesday. ?This is a great deal for American workers.?
Stocks showed a strong move to the upside during trading on Monday, adding to the gains posted last week. With the upward move on the day, the Nasdaq and the S&P 500 climbed to new record closing highs and the Dow reached its best closing level in nearly seven months.
The major averages ended the day off their highs of the session but still firmly positive. The Dow Jumped 259.29 points or 1 percent to 26,049.64, the Nasdaq advanced 71.92 points or 0.9 percent to 8,017.90 and the S&P 500 climbed 22.05 points or 0.8 percent to 2,896.74.
The continued strength on Wall Street came as Trump confirmed reports the U.S. has reached a preliminary trade deal with Mexico.
During a televised conference call with Mexican President Enrique Peña Nieto, Trump praised the U.S. and Mexican teams that negotiated the agreement, which he argued would be good for both countries.
"It's a big day for trade, a big day for our country," Trump said. A lot of people thought we'd never get here because we all negotiate tough. We do, and so does Mexico. And this is a tremendous thing."
The president said the new deal would be called the United States-Mexico Trade Agreement rather than NAFTA, raising questions about the inclusion of Canada.
"We'll get rid of the name NAFTA," Trump said. "It has a bad connotation because the United States was hurt very badly by NAFTA for many years."
Trump indicated the U.S. would soon begin negotiations with Canada but suggested that any agreement could be a separate deal.
"I think we'll give them a chance to probably have a separate deal," Trump said of Canada. "We could have a separate deal, or we could put it into this deal."
Biotechnology stocks showed a substantial move to the upside on the day, driving the NYSE Arca Biotechnology Index up by 2.4 percent. With the jump, the index reached a record closing high.
Optimism about the U.S.-Mexico trade deal also contributed to considerable strength among steel stocks, resulting in a 1.7 percent advance by the NYSE Arca Steel Index.
Significant strength also emerged among gold stocks, as reflected by the 1.6 percent gain posted by the NYSE Arca Gold Bugs Index. Gold stocks benefited from some further upside by the price of the precious metal.
Semiconductor, financial, and chemical stocks also saw notable strength on the day, moving higher along with most of the other major sectors.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
A 9 am ET, Standard & Poor?s is scheduled to release its report on home prices on major metropolitan areas in the month of June. The annual rate of home price growth is expected to remain at 6.5 percent.
The Conference Board is due to release its report on consumer confidence in the month of August at 10 am ET. The consumer confidence index is expected to dip to 126.8 in August after inching up to 127.4 in July.
At 1 pm ET, the Treasury Department is scheduled to announce the results of its auction of $37 billion worth of five-year notes.
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| | Stocks in Focus |
Shares of DSW Inc. (DSW) are moving sharply higher in pre-market trading after the discount footwear retailer reported much better than expected second quarter results and raised its full-year guidance.
Luxury goods retailer Tiffany (TIF) is also likely to see early strength after reporting second quarter results that exceeded analyst estimates and boosting its full-year earnings forecast.
Shares of Aspen Insurance (AHL) may also move to the upside after the specialty insurer agreed to be acquired by investment funds affiliated with Apollo Global Management (APO) for $2.6 billion in cash.
On the other hand, Ionis Pharmaceuticals (IONS) and Akcea Therapeutics (AKCA) are falling sharply in pre-market trading after the FDA declined to approve their drug to treat a genetic disease that causes fat to accumulate in the blood.
Consumer electronics retailer Best Buy (BBY) may also come under pressure after reporting better than expected second quarter results but providing disappointing current quarter guidance.
Shares of Hain Celestial (HAIN) are also seeing pre-market weakness after the organic and natural products company reported fiscal fourth quarter earnings that exceeded estimates but on weaker than expected revenues. |
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| | Europe |
European stocks are mostly higher on Tuesday as the U.S.-Mexico trade deal has helped boost optimism for an easing of global trade tensions.
While the German DAX Index has edged up by 0.2 percent, the French CAC 40 Index and the U.K.?s FTSE 100 Index are both up by 0.4 percent.
The pound hit a one-year low versus the euro after British Prime Minister Theresa May said that leaving the EU with no agreement in place ?wouldn't be the end of the world.?
Lloyds Banking Group has moved to the upside after completing a 1 billion pound share buyback program.
NMC Health has also jumped after the British healthcare provider denied media reports regarding an acquisition of assets in India.
Melrose Industries has also rallied. The turnaround group behind the hostile takeover of engineering group GKN has put the sale of Ergotron on hold, the Financial Times reported.
Danish brewer Royal Unibrew has surged higher after the company achieved the best half-year results in the company?s history.
Meanwhile, lender Sydbank has slumped after unveiling its second-quarter earnings results.
In economic news, French consumer confidence held steady for the second straight month in August, in line with expectations, survey data from the statistical office Insee showed.
The consumer sentiment score came in at 97 in August, the same as in the previous two months.
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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 receding trade worries after the United States and Mexico reached a preliminary trade agreement.
President Donald Trump also indicated the U.S. would soon begin negotiations with Canada but suggested that any agreement could be a separate deal. Investors expect Canada would agree to new terms to preserve a three-nation pact.
Hong Kong?s Hang Seng Index rose 80.35 points or 0.3 percent to 28,351.62, although China's Shanghai Composite Index edged down 2.92 points or 0.1 percent to 2,777.98 ahead of factory PMI data due Friday.
Japanese shares finished marginally higher as the U.S.-Mexico trade deal helped lift auto stocks. The Nikkei 225 Index breached 23,000 before giving up most gains to end the session up 13.83 points or 0.1 percent at 22,813.47. The broader Topix Index closed 0.2 percent higher at 1,731.63.
Automakers Toyota, Honda, Nissan and Mazda rose between 0.9 percent and 1.7 percent after Toyota said it would invest $500 million in Uber to jointly work on developing self-driving cars. Auto parts makers such as Aisin Seiki and Denso rose 1-2 percent.
Australian markets finished notably higher after the Nasdaq and S&P 500 hit record highs overnight following a new trade agreement between the U.S. and Mexico.
The benchmark S&P/ASX 200 Index climbed 35.80 points or 0.6 percent to 6,304.70, while the broader All Ordinaries Index ended up 32.50 points or 0.5 percent at 6,413.60.
The big four banks climbed between 0.9 percent and 1.3 percent, and mining heavyweights BHP Billiton and Rio Tinto gained around 1 percent, taking support from higher commodity prices.
Galaxy Resources soared 5.8 percent after South Korean steel giant Posco clinched a $280 million deal to buy lithium mining rights owned by the company in Argentina. Vitamin maker Blackmores jumped 11.5 percent after expanding into the weight loss sector.
On the other hand, Caltex Australia slumped nearly 8 percent after the oil refiner said it was in talks to sell certain retail assets. Accent Group lost 6.7 percent despite the Athlete's Foot brand owner reporting a more than 50 percent increase in full-year profit.
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| | Commodities |
Crude oil futures are inching up $0.11 to $68.98 barrel after ticking up $0.15 to $68.87 a barrel on Monday. Meanwhile, after climbing $2.70 to $1,216 an ounce in the previous session, gold futures are rising $2.40 to $1,218.40 an ounce.
On the currency front, the U.S. dollar is trading at 111.00 yen compared to the 111.08 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1717 compared to yesterday?s $1.1681.
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