US Futures Buoyant After S&P Hits Record High
- US stock futures extend advances in Monday’s early trades, after the S&P 500 hit a record high Friday.
- Southern Company and Paypal led premarket gains among S&P names, while ADM fell almost 10%.
- Bitcoin and ether declined, while the dollar and oil prices were stable.
US stock futures advanced in Monday’s early trades, maintaining an upbeat tone after the S&P 500 index hit a fresh record high toward the end of last week.
Southern Company, PayPal, Western Digital, and Analog Devices led premarket gains among S&P 500 stocks. Archer-Daniels-Midland led declines after the food processing company put its finance chief on administrative leave amid an internal investigation into some accounting practices.
European and Japanese stocks also remained in the green. Chinese markets, however, continued to slide amid heightened investor concerns about the deepening slowdown in the world’s second-largest economy.
In the crypto market, bitcoin remained on the back foot as some investors took profits following the token’s impressive fourth-quarter rally ahead of the Securities and Exchange Commission’s approval of bitcoin ETFs that finally came on January 10.
Crude oil and the dollar were little changed, while ten-year Treasury bond yields were steady.
Market overview:
- Futures on the S&P 500 index climbed 0.3% to 4,883 points as of 5 a.m. ET, while similar contracts on the Nasdaq 100 gained 0.5% to 17,532.
- European stocks extended gains, with the Euro Stoxx 50 rising 0.3%. Germany’s DAX 40 index and France’s CAC 40 rose 0.5% respectively.
- Trends were more mixed across Asian markets. Hong Kong’s Hang Seng index dropped 2.3% and the Shanghai Composite fell 2.7%, but Japan’s Nikkei 225 rallied 1.6% to 36,546 and India’s Nifty 50 rose 0.8%.
- In the crypto market, bitcoin slid 1.9% to $40,784, taking losses in January to 3.7%. Ether dipped almost 3% to $2,382.
- The Dollar Index, which tracks the greenback against a basket of currencies, was stable — albeit slightly off the highest level since mid-December.
- Ten-year Treasury yields were little changed at 4.12%. Brent crude oil was mostly steady at $78.51 a barrel.
