BNY Mellon Investments chief strategist Alicia Levine on her outlook for the stock market and bitcoin.
U.S. equity futures are pointing to a higher open as traders wait for the latest retail sales figures and the Federal Reserve's latest outlook.
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The major futures indexes suggest a rise of 0.3% when trading begins on Wall Street.
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Before the opening bell, investors will get the November retail sales report. Economists surveyed by Refinitiv expect a decline of 0.3% from October, the first negative reading in seven months (since April). The ex-autos component is anticipated to edge up 0.1% for the month.
After trading begins, research firm IHS Markit will release its flash manufacturing and services reports for December. Both numbers are expected to edge down from November’s readings, which were the highest of the year. Recall that any number above 50 indicates an expanding sector.
The National Association of Homebuilders will report its sentiment index for December. It’s expected to pull back slightly from November’s surprise record-high of 90, which signaled that nine out of 10 of the NAHB’s members found business conditions good.
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The Federal Reserve on Wednesday will offer its first glimpse of how a coronavirus vaccine has changed the U.S. economic outlook, and whether businesses, workers and families need more help from the central bank until inoculations and immunity are widespread.
The conclusion of the Fed's last policy meeting of 2020 will cap a tumultuous year in which it slashed interest rates, ramped up bond purchases and took other extraordinary measures to stem the economic carnage of the pandemic.
The Fed is due to release its latest policy statement and economic projections at 2 p.m. EST. Fed Chairman Jerome Powell will hold a news conference a half-hour later.
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In Asia, Japan's Nikkei 225 index gained 0.3%, despite the release of data showing exports fell 4% in November, while imports dropped 11% from a year earlier. Exports of vehicles, semiconductors and other manufactured items showed the biggest declines.
Hong Kong's Hang Seng surged 0.9% and China's Shanghai Composite index was little changed.
In Europe, London's FTSE added 0.9%, Germany's DAX gained 1.5% and France's CAC rose 0.8%.
Revived hopes for more economic aid helped break a four-day losing streak on Wall Street.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 30199.31 | +337.76 | +1.13% |
| SP500 | S&P 500 | 3694.62 | +47.13 | +1.29% |
| I:COMP | NASDAQ COMPOSITE INDEX | 12595.059527 | +155.02 | +1.25% |
The S&P 500 gained 1.3% as investors grew hopeful that Washington can surmount its partisan divide to deliver more aid to the struggling economy. The Dow Jones Industrial Average gained 1.1% to 30,199.31. The tech-heavy Nasdaq climbed 1.3%, to 12,595.06.
In the U.S., negotiations between Democrats and Republicans on another round of coronavirus relief have been dragging on for weeks. Fresh signs of cooperation Tuesday appeared to boost the market's confidence that Washington can get past its partisan divide and hammer out a deal.
A bipartisan group of lawmakers unveiled a detailed proposal on Tuesday, as meanwhile House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin held another round of talks.
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In other trading, benchmark U.S. crude oil added 17 cents to 47.79 per barrel in electronic trading on the New York Mercantile Exchange. It rose 63 cents on Tuesday to $47.62. Brent crude, the international standard, gained 20 cents, to $50.95 per barrel.
The Associated Press contributed to this report.
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December 16, 2020 at 03:57PM
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Stock futures trade higher ahead of retail sales, Fed decision - Fox Business
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