US stock futures climbed on Monday as investors weighed the market impact of a shooting attack on presidential candidate Donald Trump that overshadowed the return of earnings season.
Dow Jones Industrial Average futures (YM=F) rose roughly 0.6%, after the blue-chip gauge ended last week a few points away from a fresh all-time high. Contracts on the S&P 500 (ES=F) added 0.4%, while those on the tech-heavy Nasdaq 100 (NQ=F) gained 0.5%.
Stocks are poised to build on a roaring rally that saw its latest instalment of gains on Friday as JPMorgan Chase (JPM) and Wells Fargo (WFC) ushered in earnings season. Before the bell, BlackRock (BLK) reported a second-quarter profit beat as assets under management hit a record of $10.6 trillion. Next up is Goldman Sachs (GS), whose report is also due early Monday.
But the market was focused on the potential fallout from an apparent assassination attempt on Trump at a rally on Saturday. Bets ramped up on a win in November’s presidential election for the Republican front-runner, seen as likely to cut taxes, raise trade tariffs and ease up on regulation.
The benchmark 10-year Treasury yield (^TNX) up over 2 basis points to trade at around 4.21%, while the 30-year yield gained (^TYX) to steepen the yield curve. The dollar (DX=F) edged up and bitcoin (BTC-USD) surged to a two-week high above $62,830 amid the speculation around former President Trump.
Meanwhile, shares of Trump Media & Technology (DJT) were over 50% higher in pre-market trading. Stock in the parent company of Trump’s social media platform, Truth Social, had rocketed up almost 75% in earlier trading. Crypto-related stocks also got a bid.
In corporates, Alphabet (GOOG, GOOGL) is said to be in talks for a $23 billion deal to buy cybersecurity start-up Wiz. Shares in the Google parent were little changed in early trading.
Later Monday, investors will listen closely to Jerome Powell’s comments for hints to the Federal Reserve chair’s view of the latest data when he speaks in Washington. Several Fed speakers are on this week’s docket who could dent or cement optimism for interest-rate cuts.
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