Global Stock Markets
Stock futures rose on Tuesday, Nov. 28, putting the Dow Jones
Industrial Average and S&P 500 on track to trade around all-time
closing records.
Dow futures increased 43 points on Tuesday morning, S&P 500 futures gained 3 points, and Nasdaq futures rose 6 points. A day earlier, the Dow closed just 10 points from its all-time closing high set on Tuesday, Nov. 21, while the S&P 500 missed out on recording back-to-back records after falling into the red.
Jerome Powell, Donald Trump's pick to serve as chairman of the Federal Reserve, will give testimony before Congress in his confirmation hearing Tuesday. Powell is scheduled for a full confirmation hearing at 10 a.m. ET before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
Trump picked Powell to replace Fed Chair Janet Yellen when her term ends in February.
Markets barely reacted to news of Powell's nomination in early November. Most analysts and economists expect Powell to continue on the path of steady tightening that Yellen has set up in the past couple years.
The Fed is set to meet on Dec. 12-13. The market is confident the Federal Open Market Committee will agree to a 25-basis-point rate hike at that meeting. Chances of an increase sit at 93%, according to CME Group fed funds futures.
West Texas Intermediate crude was down 0.8% to $57.65 a barrel on Tuesday after falling by more than 1% on Monday.
Buffalo Wild Wings Inc. rose by more than 6% in premarket trading after Roark Capital-backed Arby's agreed to buy the wings chain in a deal worth $2.9 billion, including debt.
Emerson Electric Corp.has withdrawn an unsolicited bid to purchase Rockwell Automation Corp. after the latter showed "continued unwillingness" to engage in deal talks. Emerson had offered $225 a share for Rockwell. Emerson now plans to invest in share buybacks.
Dow futures increased 43 points on Tuesday morning, S&P 500 futures gained 3 points, and Nasdaq futures rose 6 points. A day earlier, the Dow closed just 10 points from its all-time closing high set on Tuesday, Nov. 21, while the S&P 500 missed out on recording back-to-back records after falling into the red.
Jerome Powell, Donald Trump's pick to serve as chairman of the Federal Reserve, will give testimony before Congress in his confirmation hearing Tuesday. Powell is scheduled for a full confirmation hearing at 10 a.m. ET before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
Trump picked Powell to replace Fed Chair Janet Yellen when her term ends in February.
Markets barely reacted to news of Powell's nomination in early November. Most analysts and economists expect Powell to continue on the path of steady tightening that Yellen has set up in the past couple years.
The Fed is set to meet on Dec. 12-13. The market is confident the Federal Open Market Committee will agree to a 25-basis-point rate hike at that meeting. Chances of an increase sit at 93%, according to CME Group fed funds futures.
The economic calendar
in the U.S. on Tuesday also includes International Trade in Goods for
October at 8:30 a.m. ET, the FHFA House Price Index for September at 9
a.m., and Consumer Confidence for November at 10 a.m.
Oil prices continued their retreat on Tuesday ahead of a meeting of
Organization of Petroleum Exporting Countries on Thursday, Nov. 30. OPEC
and non-OPEC producers will meet to discuss extending cuts beyond their
March 2018 expiration date. Traders hope that the oil cartel and other
countries can agree upon an extension, though Russia is widely
considered a wild card at this point.
West Texas Intermediate crude was down 0.8% to $57.65 a barrel on Tuesday after falling by more than 1% on Monday.
Buffalo Wild Wings Inc. rose by more than 6% in premarket trading after Roark Capital-backed Arby's agreed to buy the wings chain in a deal worth $2.9 billion, including debt.
Emerson Electric Corp.has withdrawn an unsolicited bid to purchase Rockwell Automation Corp. after the latter showed "continued unwillingness" to engage in deal talks. Emerson had offered $225 a share for Rockwell. Emerson now plans to invest in share buybacks.
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