Tuesday October 3rd

3-10-2017

US stock futures rise as Wall Street tries to build on record-setting rally

U.S. stock index futures pointed to a slightly higher open Tuesday, with the positive trading streak for the fourth quarter set to continue, after Wall Street finished on a strong note in the previous session. Dow Jones industrial average futures rose 36 percent, while S&P 500 and Nasdaq 100 futures gained 2.25 points and 10.25 points, respectively. On the first trading day of 2017's fourth quarter, U.S. equities finished Monday's session on a strong note, not only closing at record highs but with the Dow rising 152.51 points by the close. While this positive trading sentiment is set to continue, domestic and political news, however, are set to keep investors on edge. One of the key stories set to dominate talk Tuesday is that of Sunday's deadly shooting in Las Vegas. At least 59 people were killed and more than 500 were injured after a gunman opened fire on thousands of concertgoers at a country music festival. The incident has been categorized as the deadliest mass shooting in modern U.S. history. In commodities, oil prices showed signs of being under pressure during early market trade, as global supply glut concerns continued to weigh on investor sentiment. At 8:19 a.m. ET, U.S. crude fell slightly, trading around $50.41 per barrel, while Brent hovered around $55.89. In stocks news, investors are to keep an eye on the latest moves in defense and gun company stocks, following the massacre in Las Vegas, and Procter & Gamble is set to hold a webcast to answer shareholder questions. Overseas, European stocks were trading relatively flat in market trade, while markets in Asia closed on a mixed to higher note after the Reserve Bank of Australia chose to keep its rates unchanged Tuesday. Japan's Nikkei 225 climbed 213.29 points, or 1.05 percent, to 20,614.07 and the Topix index rose 10.84 points, or 0.65 percent, to 1,684.46. Hong Kong's Hang Seng index resumed trading on Tuesday, after being shut on Monday. The HSI rose 2.3 percent to 28,193.98 in afternoon trade. Singapore's Straits Times index was down 0.52 percent, while India's Nifty 50 advanced 0.7 percent. Markets in South Korea and China remain closed due to public holidays. Gold prices were little changed after marking a 7-week low on Tuesday, as equities and the dollar were buoyed in Asian trade by upbeat economic data and strong U.S. treasury yields. Spot gold was flat at $1,270.49 an ounce, after earlier touching its lowest since mid-August at $1,267.76. U.S. gold futures for December delivery shed 0.22 percent to $1,273 an ounce.