Market Summary
- Dow Jones Industrial Average futures (YM00) rose 61 points, or 0.2%, to 34293.
- S&P 500 futures (ES00) gained 9 points, or 0.2%, to 4370.
- Nasdaq 100 futures (NQ00) increased 33 points, or 0.2%, to 14903.
On Friday, the Dow Jones Industrial Average (DJIA) fell 107 points, or 0.31%, to 33964. The S&P 500 (SPX) declined 10 points, or 0.23%, to 4320, and the Nasdaq Composite (COMP) dropped 12 points, or 0.09%, to 13212.
Market Drivers
There weren't many significant catalysts for the markets on Monday. However, the tentative end of the writer's strike lifted media companies such as Paramount Global (PARA) and Netflix (NFLX) in premarket trade. Additionally, President Joe Biden plans to support the United Auto Workers strike against the Big Three automakers during his visit to Michigan.
The main focus has been the rapid increase in long-term interest rates. Technical strategists at Bank of America believe that while there is no evidence to suggest that the rise in the 10-year yield is complete, it is getting stretched.
The yield on the 10-year Treasury (BX:TMUBMUSD10Y) rose by 4 basis points to 4.48%.
In other news, the housing crisis in China made headlines again as Evergrande shares slumped after it scrapped a $35 billion debt restructuring plan. Meanwhile, shares of China Aoyuan Group dived on their first day of trading in over a year. The Hang Seng (HK:HSI) skidded 1.8% in Hong Kong trade.
Weekly Market Outlook
Related Articles
Japan's Economy Contracts in Q3
Japan's economy contracted by 0.5% in Q3, deviating from economists' forecast and previous growth, while the US and China experienced economic acceleration. Des...
Tim Scott's Economic Plan
Senator Tim Scott is proposing an economic plan focused on tax cuts to stimulate the economy and create jobs. His plan includes cutting spending, relocating age...
Aixtron Raises Outlook for 2023 Revenue and Orders
Aixtron's shares rise as the company raises its outlook for 2023 revenue and orders, thanks to strong market demand and approval of export licenses for tools sh...