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Futures up: Dow 0.32%, S&P 500 0.28%, Nasdaq 0.26%
Nov 11 (Reuters) - U.S. stock index futures rose on
Monday, adding to post-election gains, while investors looked
ahead to the next batch of economic data that could decide
whether the equity rally can sustain itself.
Stocks that rose following the U.S. election results
continued to gain. EV maker Tesla surged 7.3% in
premarket trading after touching $1 trillion in market value on
Friday for the first time since 2022.
Futures tracking the small-cap Russell 2000 rose
1.3%, and were still at their highest since last November, with
the sector expected to be a key beneficiary of President-elect
Donald Trump's proposed tax cuts and expectations of an easier
regulatory environment.
Major indexes soared in the previous week as Trump retook
the White House, with the benchmark S&P 500 notching its
best week in a year and briefly breaking through the 6,000 mark
on Friday.
The Dow touched 44,000 points for the first time on
Friday and also had its best week in more than a year.
Crypto stocks rallied as bitcoin soared past $81,000
on Monday. Coinbase Global ( COIN ) jumped 16.8% and bitcoin
miners Mara Holdings ( MARA ) and Riot Platforms ( RIOT ) gained
19% and 13.7%, respectively.
At 5:28 a.m. ET, Dow E-minis were up 142 points, or
0.32%, S&P 500 E-minis were up 16.75 points, or 0.28%,
and Nasdaq 100 E-minis were up 54.5 points, or 0.26%.
Stocks are on solid footing as the year-end nears, with the
benchmark index already up 25% year-to-date as AI enthusiasm and
the start of Fed rate cuts have supported an upbeat outlook.
Focus will be on consumer price inflation data, due
Wednesday, as well as a raft of other key data this week for
more indications on the health of the economy and outlook for
interest rates.
"The actual, and expected, economic growth of the United
States is the focus of the stock market," SEB Research analysts
said.
"Trump, who is expected to continuously evaluate his
political actions against how the U.S. stock markets are doing,
has already received a very clear and generally positive
confirmation from investors for a ... formulated growth-focused
economic agenda for the United States."
The Federal Reserve cut interest rates by 25 basis points as
expected last week, and investors see a 68.5% chance of the same
move at its December meeting, according to CME FedWatch.