U.S. stock futures gained momentum in early Monday morning trading after opening little changed as investors readied for what is considered the most-anticipated presidential election in history.
Dow Futures were up 1.8%, while the S&P 500 gained 1.6% and the Nasdaq added 1.2%.
This after U.S. equities posted their worst week since March as large-cap tech, which accounts for nearly 20% of the S&P 500, saw a sharp drop following a mixed earnings season and a basket of cautious outlooks.
The 2020 election, along with rising COVID-19 lockdowns across Europe and the U.K., will remain in focus early Monday.
|I:DJI||DOW JONES AVERAGES||26800.46||+298.86||+1.13%|
|I:COMP||NASDAQ COMPOSITE INDEX||11007.41566||+95.82||+0.88%|
Asian shares were mostly higher on Monday buoyed by further signs of recovery in China’s manufacturing sector.
The Caixin manufacturing PMI, a major indicator for China’s manufacturing sector, rose in October, showing that domestic demand is holding up, reports said over the weekend.
Japan’s Nikkei rose 1.4%, Hong Kong’s Hang Seng is higher by 1.5% and China’s Shanghai Composite added less than 0.1%.
In Europe, London’s FTSE is up 1%, Germany’s DAX gained 1.9% and France’s CAC added 1.7%.
In deal news, investors will get the first chance to react to confirmation on Friday evening that Dunkin Brands will be taken private in an $8.7 billion dollar deal led by Inspire Brands, parent of Arby’s, Buffalo Wild Wings and Sonic Drive-In.
|DNKN||DUNKIN BRANDS GROUP||105.93||+6.22||+6.24%|
|GM||GENERAL MOTORS COMPANY||35.00||+0.47||+1.36%|
|DAL||DELTA AIR LINES INC.||30.47||-0.17||-0.55%|
OIL UNDER PRESSURE
In commodities, oil prices remained under pressure with West Texas Intermediate crude oil slipping below the $35 per barrel level amid demand concerns tied to renewed COVID-19 lockdowns in France, Germany and the U.K.
|USO||UNITED STATES OIL FUND L.P.||25.15||-0.11||-0.44%|
ECONOMIC CALENDAR HIGHLIGHTS THE FED AND AUTO SALES
In economic news, reports on ISM Manufacturing and construction spending will be closely watched Monday, along with U.S. auto sales and factory orders out Tuesday.
On Thursday, the Federal Reserve will hold its November meeting and announce its first interest rate decision following the election. Fed Chairman Jerome Powell will also hold a press conference followed by a Q&A session.
Friday, the monthly jobs report for October will be released with economists forecasting the addition of 661,000 jobs and the unemployment rate to hold steady at 7.9%