Premarket: 4 things to know before the bell
Mon Sep 18 2017
Eric Whitman (223 articles)

Premarket: 4 things to know before the bell

1. Records keep rolling in: U.S. markets can’t be held back. American stock futures were pushing higher on Monday after every major index hit all-time highs on Friday.

The Dow Jones industrial average looks set to notch a seventh day of gains on Monday, and the S&P 500 is set to push further above its Friday close of 2,500 points.

CNNMoney’s Fear & Greed Index, which tracks seven indicators of market sentiment, is now in “extreme greed” territory.

Big tech stocks continue to lead the way, despite the fact that many industry leaders are at odds with President Trump regarding his stance on immigration, climate change and other policies.

Lindsey Bell, an investment strategist with CFRA, wrote last week that investors are sticking with tech stocks because gridlock in Washington shouldn’t affect businesses like Apple (AAPL, Tech30), Microsoft (MSFT, Tech30), Facebook (FB, Tech30) and Amazon (AMZN, Tech30).

Looking further afield, nearly all European markets were posting healthy gains in early trading. Most Asian markets ended the day in positive territory. Hong Kong’s Hang Seng index shot up by 1.2%.

In commodities, crude oil futures are also rising by nearly 1% to trade above $ 50 per barrel.

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2. Market turbulence: Shares in European airline Ryanair (RYAAY) are dropping by 3% on the Irish Stock Exchange after the company announced it would cancel up to 50 flights per day over the next six weeks.

It said it was canceling less than 2% of its schedule to improve flight punctuality and ensure pilots and cabin crew are able to use their vacation days.

3. Bitcoin bump: Bitcoin prices are surging on Monday after tanking late last week.

One bitcoin is now worth nearly $ 4,000, up about 33% since last week’s low, according to data from digital currency website CoinDesk.

Two of China’s most prominent bitcoin exchanges, BTC China and Via BTC said Thursday they would halt trading this month, sending the price of the virtual currency crashing.

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4. Coming this week:

Monday — Business leaders speak about climate change issues at the C40 Talks in New York
Tuesday — FedEx (FDX) and Bed Bath & Beyond (BBBY) earnings; Federal Reserve begins two-day meeting
Wednesday — General Mill (GIS)earnings; Federal Reserve interest rate decision and press conference
Thursday — Manchester United (MANU) earnings
Friday — OPEC and non-OPEC oil ministers meet in Vienna

Eric Whitman

Eric Whitman

Eric Whitman is our Senior Correspondent who has been reporting on Stock Market for last 5+ years. He handles news for UK and Europe. He is based in London

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