Wall Street’s main equity gauges are poised for another round of record highs on Tuesday, as rising oil prices continue to buoy investor sentiment.
S&P 500 futures are up 0.2 per cent, Dow Jones futures rose 0.3 per cent and Nasdaq 100 futures are up 0.5 per cent an hour-and-a-half before the opening bell in New York.
The three indices finished at all-time highs on Monday, and their momentum carried through to equity markets in Europe and Asia. The pan-European Stoxx 600 gained 0.5 per cent, while Hong Kong’s Hang Seng rose 1.4 per cent. Japan’s Nikkei 225 closed 0.3 per cent higher after concerns of a strong earthquake in the morning faded.
Oil prices continued to rise on Tuesday as investors weigh the odds that Opec will reach a deal to reduce output. Brent crude was up 2 per cent to a session high of $49.96 a barrel, its highest point in nearly three weeks, while West Texas Intermediate gained 1.5 per cent to $49.20.
Meanwhile, bond markets and the US dollar are quiet. The yield on the 10-year US Treasury, which moves opposite to price, fell 2 basis points to 2.29 per cent, while the 2-year equivalent is up 2 basis points to 1.09 per cent. The dollar index, a measure of the currency against a basket of major peers, was flat at 101.05.