Stocks set to break more records - 4 Things to know for today
Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1. Stocks rolling high
U.S. stock futures are rising again, indicating that we could see more records for stocks during the trading day.
The S&P 500 closed at an all-time high Monday, climbing 0.3% and ending the day just over 2,137 points. The index's previous record closing high was set in May 2015. The Dow Jones industrial average also rose 0.4% and it's now within spitting distance of record levels. The Nasdaq added 0.6%.
European markets are mostly rising in early trading, while Asian markets ended the day with gains.
2. GBP rise to $1.32 as Brexit concerns ease
The pound rose towards the $1.32-level against the dollar on Tuesday, as investors welcomed news that British Home Secretary Theresa May will succeed David Cameron as prime minister of the U.K., diminishing fears over a prolonged period of political uncertainty.
Outgoing Prime Minister David Cameron said on Monday that he will make way for May to succeed him by Wednesday evening. The news came after rival Andrea Leadsom announced she was pulling out of the race Monday.
3. JPY tumbles again
The yen sank across the board for the second straight day on Tuesday, after Prime Minister Shinzo Abe flagged a fresh fiscal stimulus package on Monday after his ruling coalition won a landslide victory in the Upper House.
The coalition’s firmer grip means policymakers can more easily approve a bigger fiscal stimulus package to spur the economy. A stimulus package of at least 10 trillion yen ($97.9 billion) is expected.
4. Focus on Fed
Market players awaited comments from a barrage of Federal Reserve officials later in the session to judge the balance of opinion among policymakers on the prospect of further rate hikes.
St. Louis Fed President James Bullard is set to speak at 13:35GMT, on Tuesday to the Gateway Chapter of the National Association for Business Economics.
Fed Governor Daniel Tarullo is due to give remarks at 13:15GMT, on shadow banking, while Minneapolis Fed President Neel Kashkari is expected to give remarks at 21:30GMT, on the economy and the role of the Federal Reserve System.