U.S. stock futures climbed Monday as investors cheered President-elect Donald Trump’s choice for Treasury secretary ahead of a shortened Thanksgiving trading week.bDow Jones Industrial Average futures rose 401 points, or 0.9%. Futures tied to the S&P 500 popped 0.8%, while Nasdaq-100 futures added 0.9%. Wall Street is coming off a winning week as the postelection rally picked up again. The 30-stock Dow advanced around 2% last week and posted a record close on Friday. The S&P 500 and Nasdaq Composite each rose about 1.7%. The small-cap Russell 2000 jumped roughly 4.5% during the week. Trump signaled his intention to nominate Key Square Group founder Scott Bessent as Treasury secretary. Investors viewed the pick favorably and see the hedge fund manager as someone who will be supportive of the equity market and who may help mitigate some of Trump’s most extreme protectionist policies. “I would recommend that tariffs be layered in gradually,” Bessent said to CNBC in an interview earlier this month before he was picked. “If you take that price adjustment coupled with all the other disinflationary things President Trump is talking about, we’re going to be at or below the 2% inflation target again.” Treasury yields pulled back slightly, and the U.S. dollar index decreased following the Bessent pick late Friday. “Supporters will argue that Mr. Bessent’s career as a macro investor will provide him with an ability to understand the knock-on effects of President Trump’s trade, tariff, tax, and deregulatory agenda,” said Ed Mills, Raymond James Washington policy analyst, in a note to clients. “If Mr. Bessent can delay or limit an across-the-board tariff policy, while extending tax cuts, pushing deregulation (that increases energy production), all support U.S.-based industries — all supporting U.S. GDP growth — that would be cheered on by the market.” U.S. markets are closed Thursday due to the Thanksgiving holiday and close early on Friday, so trading volume is likely to be light this week. Despite this week’s shortened trading week, the interest rate outlook is back in focus. In this vein, investors will monitor the release of October’s personal consumption expenditure price index, the Federal Reserve’s preferred inflation measure, on Wednesday. Minutes from the Fed’s most recent policy meeting are also due out ahead of Thanksgiving. Bath & Body Works jumped more than 20% in premarket trading after besting expectations of analysts polled by LSEG on both lines. Nordstrom, Best Buy, CrowdStrike and Dell Technologies are among well-known companies posting earnings results on Tuesday. U.S. Treasury yields retreated on Monday as investors weighed President-elect Donald Trump’s Treasury secretary pick and eyed a key inflation reading due later in the week. The 10-year Treasury yield slid more than 9 basis points at 4.316%. The 2-year Treasury ylost nearly 6 basis points, sitting at 4.311%. Asia-Pacific markets mostly rose Monday, with investors awaiting a slew of economic data this week including China industrial data and India’s third-quarter GDP numbers. Australia’s S&P/ASX 200 rose 0.28% to close at 8,417.6, hitting a new all-time closing high. The index also reached a new intraday high of 8,462.1 during the trading session. Japan’s Nikkei 225 was 1.3% up, ending at 38,780.14, while the broad-based Topix rose 0.71% to 2,715.6. South Korea’s Kospi gained 1.32% and finished at 2,534.34, and the small-cap Kosdaq saw a larger rise of 2.93% to 696.83. In contrast, Hong Kong’s Hang Seng index fell 0.3% in its last hour of trade, while mainland China’s CSI 300 was down 0.46% to close at 3,848.09. Oil prices steadied on Monday following 6% gains last week, with mounting tensions between Western powers and major oil producers Russia and Iran raising fears of supply disruptions and keeping a floor under prices. Brent crude futures fell 0.34%, or 26 cents, to $74.91 a barrel by 0931 GMT, while U.S. West Texas Intermediate crude futures were at $70.89 a barrel, down 35 cents, or 0.49%. Both contracts last week notched their biggest weekly gains since late September after Russia fired a hypersonic missile at Ukraine in a warning to the United States and Britain following strikes by Kyiv on Russia using U.S. and British weapons. Gold prices declined as much as 2% on Monday as investors booked profits following a five-session rally to a three-week high, while the announcement of fund manager Scott Bessent as the new U.S. Treasury Secretary tempered safe-haven buying. Spot gold was down 1.5% at $2,673.30 per ounce as of 0943 GMT, declining 2% earlier in the session. U.S. gold futures shed 1.4% to $2,674.90. Bullion had hit its highest since Nov. 6 in early Asia trade after posting its best weekly gain in nearly two years on Friday.