U.S. stock Futures indexes are set to open fractionally higher partially due to Saudi Arabia cutting prices on oil sales over the weekend. Continuing the bull rally on Friday is meeting with skepticism from some strategists and investors too.
Here is the current market situation from CNN Money
European markets are sharply higher today with shares in France leading the region. The CAC 40 is up 3.30% while Germany's DAX is up 2.47% and London's FTSE 100 is up 2.16%.
Bearamageddon' fears: Still, some strategists doubt U.S. stocks can keep making gains. Michael O'Rourke, chief market strategist at JonesTrading, said in a note that momentum and short covering were likely the only reasons the market rallied on Friday.
"The problem is that absent a change in the fundamental drivers behind the weekend, momentum and short covering only takes the market so far," he wrote. And when the S&P 500 is rallying alongside the dollar index, continued O'Rourke, investors should "question the validity of the move."
Jones said any further deterioration of economic data should put investors on "Bearmageddon watch—looking for indications the economy is rolling over while Fed policy is trapped at the zero bound."
WASHINGTON (AP) — The Institute for Supply Management reports on September growth at U.S. service firms at 10 a.m. Eastern. SLOWDOWN LIKELY: Economists believe that the ISM index fell to 57.5 in September from 59 in August, according to a survey by FactSet.
That would be the second straight drop, after the index reached a 10-year high in July of 60.3. Any reading over 50 shows that services firms are expanding. The ISM is a trade group of purchasing managers. Its services survey covers businesses that employ 90 percent of workers, including retail, construction, health care and financial services companies.
ECONOMY SLOWING?: Steady hiring in the past three years has added 8 million jobs to the U.S. economy, boosting Americans' ability to spend. Consumers have shopped more, spent more money at restaurants and taken more vacations.
WASHINGTON (AP) — America's $1.2 trillion in student debt is having consequences in far-reaching ways. College dropouts and students who borrowed to attend for-profit colleges are at risk of default. Many Generation X parents — ages 35 to 50 — are still repaying their debt even as their children prepare to enter college and begin a second generation of family debt.
Some millennial's are delaying marriage and home ownership until their loans become less burdensome. Three trends show how the pressures from student debt are compounding: — FALLING INCOMES For people with college degrees but no graduate school education, incomes, after accounting for inflation, have declined, thereby reducing their ability to repay their loans. For a 23-to-29-year-old with a college degree, median . . .
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Stock futures pointed to a Monday rally for Wall Street, continuing action seen late last week, in the week of disappointing U.S. jobs growth as global markets joined in with gains.
Meanwhile, a Federal Reserve official said an interest-rate increase could still happen this year even as the labor-market weakness spurred speculation the U.S. central bank won't hike until 2016.
Extending earlier gains, futures for the Dow industrials YMZ5, +0.62% rose 112 points, or 0.7%, to 16,490 on Monday, while those for the S&P 500 index ESZ5, +0.67% added 15.9 points, or 0.8%, to 1,959. Futures for the Nasdaq-100 index NQZ5, +0.63% rose 34 points, or 0.8%, to 4,295.
ATLANTA (Reuters) - Pacific trade ministers have reached a deal on the most sweeping trade liberalization pact in a generation that will cut trade barriers and set common standards for 12 countries, an official familiar with the talks said on Monday.
WASHINGTON (Reuters) - The United States on Monday will announce its resolution of federal and state claims against BP PLC over the its deadly Gulf of Mexico oil spill five years ago, the U.S. Department of Justice said in a statement.
Several federal programs support children's nutritional needs. In 2014, the federal government spent about $20 billion to reimburse schools, child care centers, and after-school programs for children's meals. Those programs benefit mainly school-age children from low-income households. Other nutrition programs provide benefits directly to such households: the Supplemental Nutrition Assistance Program (SNAP; formerly the Food Stamp program) and the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC).
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