U.S. equities looked set to pick up on their record run, with stock futures briefly tapping fresh highs in holiday-thinned Monday trading.
Online PR News – 20-February-2017 – Dow Jones Industrial Average futures YMH7, +0.20% rose 31 points, or 0.2%, to 20,619, pushing as high as 20,671, according to FactSet. S&P 500 futures ESH7, +0.22% gained 3.1 points, or 0.1%, to 2,351, tapping a high of 2,356.75. Nasdaq-100 futures NQH7, +0.26% added 4.5 points to 5,330.25, reaching as high as 5,345.50.
U.S. stock exchanges were closed for the Presidents Day holiday on Monday. Trading in U.S. stock futures will close at noon Eastern Time and reopen at 5 p.m. Eastern. But the backdrop was positive for Tuesdays session, as all three major stock indexes closed at record highs on Friday. The Dow DJIA, +0.02% finished up 4.28 points to 20,624.05, while the S&P 500 index SPX, +0.17% rose 0.2% to close at 2,351.16.
The Nasdaq Composite Index COMP, +0.41% gained 0.4% to end at 5,838.58. For the week, the Dow and S&P 500 put on 1.8%, while the Nasdaq advanced 1.5%. Attention will focus this week on economic data reports and the minutes of the latest Federal Open Market Committee meeting. The Markit flash manufacturing PMI and services PMI surveys for February will be released at 9:45 a.m. Eastern Time on Tuesday. Federal Reserve minutes will be released on Wednesday at 2 p.m. Eastern, along with existing home sales for January at 10 a.m. Eastern, among other data.
Stocks to watch: Shares of Unilever PLC ULVR, -6.56% slid 7% in London after Kraft Heinz Co. KHC, +10.74% on Sunday dropped its $143 billion offer for the food rival just two days after making public a bid to combine the two companies. U.S.-listed shares of Unilever UL, +14.00% along with those of Kraft, could see pressure when trading resumes Tuesday. In a brief statement Sunday, Kraft said it has amicably agreed to withdraw its proposal. Retailers will be in focus Tuesday, with Macys Inc. M, +1.51% Wal-Mart Stores Inc. WMT, +0.73% Home Depot Inc. HD, +1.03% and Lumber Liquidators Holding Inc. LL, -1.92% scheduled to report ahead of the open. By Barbara Kollmeyer, Marketwatch.com