US Stocks Look Set for Gains

February 10, 2017 9:37AM CST

U.S. stocks looked set for more gains Friday after a record-breaking session inspired by President Donald Trump’s promise of a “phenomenal” announcement about his tax plan soon. The main indexes were on track for a third straight weekly gain.  Dow Jones Industrial Average futures rose 34 points, or 0.2%, to 20,170, while S&P 500 futures gained 2.95 points, or 0.1%, to 2,307. Nasdaq-100 futures added 7.25 points, or 0.14%, to 5,219.50 Led by energy and financial stocks, major U.S. indexes on Thursday after Trump’s comment on taxes. The Dow Jones Industrial Average rallied 0.6% to end at a record 20,172.40, while the Nasdaq Composite Index logged a third-straight record close, gaining 0.6% to 5,715.18. The S&P 500 index rose 0.6% to finish at 2,307.87, but earlier tapped an all-time high of 2,311.08. I think that these movements could continue in the next few days, as the theme of tax and fiscal reform comes back under the market’s microscope and expectations build up further.

The session today could be dominated by further political headlines, as the U.S. leader is due to hold a meeting with Japanese Prime Minister Shinzo Abe.

The suggestion is that today’s meeting will be about more than just two-way trade and should have a focus on a full range of economic ties, with Abe supposedly planning to discuss creating jobs and also building infrastructure in the U.S.  Economic data today: The cost of imported goods surged by 0.4% in January, rising for the third time in four months, mostly because of rising oil prices that are nudging U.S. inflation higher. A February update on consumer sentiment is due at 10 a.m. Eastern. The Federal budget for January is due at 2 p.m. Eastern.

 

Emini Daily Chart


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