| Profit - Taking Strategy: Yours To Keep Here's How We Gain 672% in Just 12 Months: No guessing, no gimmicks, just a system and simple math: Read Now.  | | | | The major U.S. index futures are pointing to a higher open on Monday, with stocks likely to move to the upside following the mixed performance seen last week.
The upward momentum on Wall Street comes on the heels of a rally by Chinese stocks, which extended the substantial rebound seen last Friday.
Chinese stocks surged higher amid optimism about additional stimulus to stimulate the world?s second largest economy after last week?s disappointing GDP data.
After three top Chinese financial regulators stepped in to bolster investor confidence last Friday, Chinese President Xi Jinping vowed ?unwavering? support for the country's private sector.
In an open letter published in state media, Xi said Beijing would continue to value and protect the country's private business owners to ensure a ?better tomorrow.?
Overall trading activity may be somewhat subdued, however, as a lack of major U.S. economic data may keep some traders on the sidelines.
After failing to sustain an early move to the upside, stocks turned mixed over the course of the trading session on Friday. The major averages pulled back well off their highs of the session, with the Nasdaq and the S&P 500 ending the day in negative territory.
While the Dow rose 64.89 points or 0.3 percent to 25,444.34, the Nasdaq fell 36.11 points or 0.5 percent to 7,449.03 and the S&P 500 edged down 1.00 points or less than a tenth of a percent to 2.767.78.
The major averages also turned in a mixed performance for the week. The Nasdaq fell by 0.6 percent, while the Dow rose by 0.4 percent and the S&P 500 was nearly flat.
Early buying interest was generated by a rally by Chinese stocks, which rebounded strongly from an initial move to the downside despite disappointing GDP data.
Data showed Chinese GDP climbed an annual 6.5 percent in the third quarter, shy of estimates for 6.6 percent and down from 6.7 percent in the previous quarter.
However, investors reacted positively after three top Chinese financial regulators stepped in to bolster investor confidence.
The heads of the People's Bank of China, the Securities Regulatory Commission and the Banking and Insurance Regulatory Commission all issued statements expressing support for the markets.
A positive reaction to upbeat earnings news from big-name companies such as Procter & Gamble (PG), American Express (AXP) and Honeywell (HON) also contributed to the early strength on Wall Street.
Traders seemed reluctant to make more significant moves, however, as concerns about rising interest rates and tension between the U.S. and Saudi Arabia continued to weigh on the markets.
Meanwhile, traders largely shrugged off a report from the National Association of Realtors showing a much steeper than expected drop in existing home sales in the month of September.
NAR said existing home sales plunged by 3.4 percent to an annual rate of 5.15 million in September after edging down by 0.2 percent to a revised rate of 5.33 million in August. Economists had expected existing home sales to drop by 0.7 percent.
With the much bigger than expected decrease, existing home sales slumped to their lowest annual rate since November of 2015.
Utilities stocks showed a significant move to the upside on the day, driving the Dow Jones Utilities Average up by 1.6 percent. With the gain, the average reached its best closing level in ten months.
Notable strength was also visible among telecom stocks, as reflected by the 2.2 percent advance by the NYSE Arca North American Telecom Index. The index rebounded following the pullback seen in the previous session, climbing further off the two-month closing low set last Thursday.
On the other hand, biotechnology stocks came under pressure over the course of the session, dragging the NYSE Arca Biotechnology Index down by 1.8 percent.
Oil stocks also moved to the downside despite an increase by the price of crude oil, moving notably lower along with housing, semiconductor, and networking stocks.
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The economic calendar for the week is relatively quiet, although reports on new home sales, durable goods orders, and consumer sentiment are still likely to attract attention.
Traders are also likely to keep an eye on the Federal Reserve?s Beige Book as well as speeches by several Fed officials.
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Shares of Kimberly-Clark (KMB) are moving notably higher in pre-market trading after the consumer products company reported better than expected third quarter results. The company also named President and COO Michael Hsu as its new CEO.
Professional services provider Jacobs Engineering Group (JEC) is also likely to see early strength after announcing the sale of its energy, chemicals and resources business to Australia?s WorleyParsons for $3.3 billion.
Shares of Intel (INTC) may also move to the upside after Nomura Instinet upgraded its rating on the semiconductor giant?s stock to Buy from Neutral.
On the other hand, shares of Hasbro (HAS) are likely to come under pressure after the toymaker reported weaker than expected third quarter results.
Pharmaceutical giant Bristol-Myers Squibb (BMY) is also likely to move to the downside after the FDA extended the review period for a combination-drug treatment for lung cancer patients by three months.
Shares of eBay (EBAY) could also see initial weakness after Bank of America Merrill Lynch downgraded its rating on the eCommerce giant to Neutral from Buy. | | | | | Become a Shareholder in High Times The Original Voice of Cannabis. Join our investor community and help shape the emerging cannabis industry.
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European stocks have advanced on Monday, with Italian markets leading the surge after Moody's Investors Service cut Italy's credit rank by one step to Baa3 but set the outlook for the assessment at "stable," removing the immediate threat of a downgrade to junk.
A big rally by Chinese stocks for the second straight sessions on hopes for more stimulus also bolstered investor sentiment.
While the U.K.?s FTSE 100 Index has advanced by 0.8 percent, the German DAX Index is up by 0.6 percent and the French CAC 40 Index is up by 0.4 percent.
Shares of Fiat Chrysler Automobiles have jumped in Italy after the automaker announced that it has entered into a definitive agreement to sell its automotive components business Magneti Marelli S.p.A for 6.2 billion euros.
German chemicals giant BASF has also risen on news company has selected Harjavalta, Finland, as the first location for battery materials production serving the European automotive market.
Low-cost airline Ryanair has also jumped despite reporting lower than expected profits for the second quarter of its fiscal year.
Meanwhile, Dutch consumer electronics giant Philips has slumped after its third-quarter net income plunged to 292 million euros from 423 million euros last year.
Shares of Leoni have also tumbled after the provider of energy and data management solutions in the automotive market reported weak third quarter results. The company also announced a downward revision in its outlook for fiscal 2018.
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Asian stocks turned in a mixed performance on Monday, with Chinese and Hong Kong shares rallying on hopes for more stimulus, while caution prevailed elsewhere across Asia on geopolitical concerns over Saudi Arabia, Italy and Brexit.
Chinese stocks surged for a second session. After last week's coordinated pronouncements from three top Chinese financial regulators, Chinese President Xi Jinping vowed "unwavering" support for the country's private sector.
In an open letter published in state media, Xi said Beijing would continue to value and protect the country's private business owners to ensure a ?better tomorrow.?
China's Shanghai Composite Index jumped 104.41 points or 4.1 percent to 2,654.88, extending the 2.6 percent rebound on Friday. Hong Kong's Hang Seng Index surged up 591.75 points or 2.3 percent to 26,153.15.
Japanese shares eked out modest gains on expectations that China will step up economic stimulus in the months ahead. The Nikkei 225 Index rose 82.74 points or 0.4 percent to 22,614.82, while the broader Topix Index closed 0.2 percent higher at 1,695.31.
Equipment maker Yaskawa Electric Corp. jumped 3.6 percent after Beijing pledged a more proactive fiscal policy to shore up growth. Inpex climbed 1.4 percent after crude oil prices rose on Friday.
Meanwhile, Kawasaki Heavy Industries lost 9.3 percent after the company cut its forecasts for the current fiscal year.
Australian markets fell notably, led down by banks and healthcare companies as political uncertainty rattled investors. Australia's ruling Liberal Party was poised to lose a crucial by-election in Sydney that could rob the government of its one-seat parliamentary majority.
The benchmark S&P/ASX 200 Index dropped 34.60 points or 0.6 percent to 5,904.90, while the broader All Ordinaries Index ended down 36.60 points or 0.6 percent at 6,006.20.
Healthcare giant CSL dropped 1.8 percent to extend recent losses, while Cochlear lost 2 percent and ResMed tumbled 3 percent. The big four banks fell between 0.7 percent and 1 percent, while investment bank Macquarie Group shed 1.6 percent. Flight Centre plummeted 10 percent after issuing a disappointing outlook.
On the other hand mining giant BHP Billiton inched up 0.2 percent and Rio Tinto advanced 1.1 percent after London copper prices rose for a second straight session.
Virgin Australia rallied 2.4 percent after it reported a nearly 10 percent increase in revenue for the three months to September 30th..
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Crude oil futures are slipping $0.22 to $68.90 a barrel after rising $0.47 to $69.12 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,226.10, down $2.60 from the previous session?s close of $1,228.70. On Friday, gold dipped $1.40.
On the currency front, the U.S. dollar is trading at 112.78 yen compared to the 112.55 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1490 compared to last Friday?s $1.1514.
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