US pre-open: Futures point to further gains
By Iain Gilbert
Date: Tuesday 04 Oct 2022
(Sharecast News) - Wall Street futures were in the green ahead of the bell on Tuesday after notching solid gains in the first session of the fourth quarter.
As of 1220 BST, Dow Jones futures were up 1.37%, while S&P 500 and Nasdaq-100 futures had the indices opening 1.67% and 2.09% firmer, respectively.
The Dow closed 765.38 points higher on Monday, with the blue-chip index doing its best to reclaim some of Q3's heavy losses.
Optimism over the state of foreign markets has driven the Street's relief rally thus far, with the US dollar continuing to surge, however broader market trends will likely be directed by decisions from the Federal Reserve as the central bank looks to continue to battle inflation.
The yield on the benchmark ten-year Treasury note fell to roughly 3.586% prior to the open, down from over 4% during the previous week, while its two-year counterpart was down more than nine basis points at 4.014%.
AvaTrade's Naeem Aslam said: "US and European futures are trading higher as the risk-on rally is the main theme among investors and traders who are in the mood for bargain hunting. Yesterday, we saw a decent rally over on Wall Street, which pushed all the major stock indices higher, and today we are experiencing a continuation of this rally.
"It seems like traders have brushed away concerns about the Fed increasing the interest rate aggressively and how that will cut into the economic growth of the biggest economy, the US."
On the macro front, August factory orders data and JOLTS job numbers will be out at 1500 BST.
Investors will also be looking to the Federal Reserve, with Lorie Logan, John Williams, Loretta Mester, Philip Jefferson and Mary Daly scheduled to deliver speeches throughout the course of the day.
No major corporate earnings were slated for release on Tuesday.
Reporting by Iain Gilbert at Sharecast.com
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN