After recovering from an early sell-off to end last Friday’s trading modestly higher, stocks are likely to see further upside in early trading on Monday. The major index futures are currently pointing to a sharply higher open for the markets, with the S&P 500 futures up by 1.2 percent.
Early buying interest is likely to be generated in reaction to reports President Donald Trump plans to hold back some of the reciprocal tariffs set to take effect on April 2nd.
A report from the Wall Street Journal said Trump is narrowing his approach to the tariffs, likely omitting a set of industry-specific tariffs.
Bloomberg also said Trump’s coming wave of tariffs is poised to be more targeted than the barrage he has occasionally threatened, citing aides and allies.
Overall trading activity may be somewhat subdued, however, with a lack of major U.S. economic data likely to keep some traders on the sidelines.
The Federal Reserve’s preferred readings on consumer price inflation are likely to be in focus later this week, while reports on consumer confidence, new home sales and durable goods orders may also attract attention.
After moving sharply lower early in the session, stocks showed a significant recovery over the course of the trading day on Friday. The major averages climbed well off their worst levels of the day and into positive territory.
The tech-heavy Nasdaq saw a notable advance going into the close, ending the day up 92.43 points or 0.5 percent at 17,784.05 after tumbling by as much as 1.2 percent in early trading.
The Dow and the S&P 500 posted more modest gains. The Dow inched up 32.03 points or 0.1 percent to 41,985.35 and the S&P 500 crept up 4.67 points or 0.1 percent to 5,667.56.
With the turnaround on the day, the major averages closed higher for the week. The Dow jumped by 1.2 percent, while the S&P 500 and the Nasdaq snapped four-week losing streaks, rising by 0.5 percent and 0.2 percent, respectively.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Monday. Japan’s Nikkei 225 Index dipped by 0.2 percent, while China’s Shanghai Composite Index rose by 0.2 percent.
The major European markets are also narrowly mixed on the day. While the German DAX Index is up by 0.1 percent, the French CAC 40 Index and the U.K.’s FTSE 100 Index are both down by 0.1 percent.
In commodities trading, crude oil futures are climbing $0.44 to $68.72 a barrel after rising $0.21 to $68.28 a barrel last Friday. Meanwhile, after slumping $22.40 to $3,021.40 an ounce in the previous session, gold futures are increasing $11.20 to $3,032.60 an ounce.
On the currency front, the U.S. dollar is trading at 149.83 yen versus the 149.32 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.0824 compared to last Friday’s $1.0818.
Business News
Future Pointing To Sharply Higher Open On Wall Street
2025-03-24 12:46:52
