Stocks - U.S. Futures Rise on Strong Holiday Sales, Trump Damps Mood
Investing.com
Published Dec 02, 2019 06:45
Updated Dec 02, 2019 07:11
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Investing.com - U.S. futures rose on Monday as online shopping hit a revenue record for Black Friday and stronger-than-expected manufacturing surveys around the world, but the mood was dampened slightly by U.S. President Donald Trump tweeting that he was re-implementing tariffs on steel from Brazil and Argentina due to the recent drops in their currencies.
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Trump added in a separate tweet that “U.S. Markets are up as much as 21% since the announcement of Tariffs on 3/1/2018 - and the U.S. is taking in massive amounts of money…”
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Nasdaq 100 rose 6 points or 0.1% by 6:44 AM ET (11:44 GMT), while Dow futures were up 43 points or 0.2% and S&P 500 Futures gained 3 points or 0.1%.
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Online sales hit $7.4 billion on Friday, according to data compiled by Adobe (NASDAQ:ADBE) Analytics. That marks a 19.6% increase from last year and the largest Black Friday sales volumes ever. Adobe predicts spending to hit another record of $9.4 billion today thanks to Cyber Monday promotions.
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Meanwhile, upbeat manufacturing surveys from China, the euro zone and elsewhere also supported sentiment. China's private-sector Caixin survey showed activity at a three-year, due to past government stimulus programs.
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Retailers were up in premarket trading, with Macy’s (NYSE:M) rising 0.9% and Amazon.com (NASDAQ:AMZN) inching up 0.3%. Banks also gained, with JPMorgan Chase & Co (NYSE:JPM) rising 0.9%, Morgan Stanley (NYSE:MS) adding 1.1% and Bank of America (NYSE:BAC) up 1%.
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Elsewhere, Roku (NASDAQ:ROKU) tumbled 5.8% and Deere & Company (NYSE:DE) was down 1%.
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In commodities, gold futures fell 0.6% to $1,464.55 a troy ounce, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, gained 0.1% to 98.265. Crude oil futures jumped 2.1% to $56.33 a barrel.
Written By: Investing.com
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