U.S. Futures Rise On Cyber Monday, Tariff Threat Looms Large, China Manufacturing Activity Accelerates
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U.S. Futures Rise As Traders Hope for Santa Rally
The U.S. futures are indicating a positive open for the major indices on Monday. The move is driven by hopes Santa Claus will bring another rally this year. The S&P 500 advanced more than 3.25% in November and many think the gains have just begun. Despite this, the threat of tariffs still looms large over the market.
In today’s news, President Trump reinstated tariffs on metals from Argentina and Brazil citing the impact of currency devaluations. On the China front, relations seem to have stalled yet again. Chinese officials demand tariffs be canceled for the Phase One deal to move forward. At the same time tensions over Hong Kong and the U.S. support of democracy efforts are still simmering in the background.
On the economic front, traders will be looking out for ISM manufacturing data and Construction Spending figures due to be released at 10 AM. There were no significant earnings reports released today, the next earnings cycle begins in late January.
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