Higher futures point to a slightly positive start for stocks on Wall Street Monday morning. Optimism about additional stimulus, economic recovery and hopes about a potential coronavirus vaccine may prompt investors to continue picking up stocks.
Worries about U.S.-China tensions and reports showing a surge in new coronavirus cases across several states in the U.S. might limit market’s upside.
According to data compiled by Johns Hopkins University, the U.S. reported more then 35,300 new cases on Sunday.
Federal Reserve Vice-Chairman Richard Clarida is scheduled to deliver a speech U.S. monetary policy at the Peterson Institute for International Economics at 9 AM ET.
At 9.45 AM ET, data on Chicago PMI is due out. Later in the morning, a reading of the Dallas Fed Manufacturing Index for the month of August is due.
Asian stocks ended mostly lower on Monday, despite hitting higher levels earlier in the day on upbeat reading on China’s service sector activity.
European markets are mostly in positive territory today although some have pared early gains. Hopes of more accommodative measures by major central banks, and encouraging service sector activity data from China keep investor sentiment positive.
Optimism about recovery, Powell’s comments about interest rates, and positive data on personal income and consumer sentiment helped lift the market on Friday.
The Nasdaq and the S&P 500 climbed 0.6 percent and 0.7 percent, respectively, and recorded their new closing highs, settling at 11,695.63 and 3,508.01. The Dow rose 0.6 percent to 28,653.87. For the week, the Dow climbed 2.6 percent, the Nasdaq gained 3.4 percent and the S&P 500 surged up 3.3 percent.
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