US : Futures up as oil prices rise; Fed’s Fischer in focus
Mon Nov 21 2016
Nikki Bailey (269 articles)
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US : Futures up as oil prices rise; Fed’s Fischer in focus

U.S. stock index futures inched up on Monday, supported by higher oil prices and the lingering effects of a rally sparked by Donald Trump’s surprise victory in the U.S. election.

* Oil prices touched a near three-week high of $ 47.75 per barrel as the dollar fell for the first time in ten days, and amid hopes of OPEC reaching an agreement to cut output.

* The three major U.S. indexes are near record highs after the rally since the U.S. election as investors bet President-elect Trump’s policies could be market friendly.

* Banks have led the charge on hopes that the Federal Reserve would raise interest rates in December, when it meets for the last time this year.

* Fed Vice Chairman Stanley Fischer is expected to offer more clues on the central bank’s plans in his speech at 8:00 a.m. ET (1300 GMT) in New York.

* Traders have priced in an 85 percent chance of a rate hike next month, according to Thomson Reuters data.

* The Nasdaq hit a record intraday high on Friday. But all three indexes ended lower, with healthcare stocks leading the declines, as investors cashed in on the post-election rally and waited for clarity on the next administration’s policies.

* LifeLock (LOCK.N) and Headwaters (HW.N) were among the top gainer in premarket trading on Monday after the two companies agreed to be acquired.

* LifeLock jumped 14.2 percent to $ 23.70 after Symantec (SYMC.O) said it would buy the identity theft protection services company for $ 2.3 billion.

* Headwaters rose 18.2 percent to $ 23.75 after Australia’s Boral Ltd (BLD.AX) said it would buy the U.S. construction and building products maker for $ 1.8 billion.

* Facebook (FB.O) rose 1.26 percent to $ 118.50 after announcing a $ 6 billion share repurchase program.

Futures snapshot at 7:12 a.m. ET:

* Dow e-minis 1YMc1 were up 12 points, or 0.06 percent, with 22,636 contracts changing hands.
* S&P 500 e-minis ESc1 were up 4.5 points, or 0.21 percent, with 99,777 contracts traded.
* Nasdaq 100 e-minis NQc1 were up 11.75 points, or 0.24 percent, on volume of 17,253 contracts.


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Nikki Bailey

Nikki Bailey

Nikki Bailey reports on US Stocks. She covers also economy and related aspects. She has been tracking US Stock markets for several years now. She is based in New York