Early indications suggest that Wall Street stocks may get off to a strong start on Monday, as global equity markets are on a roll and oil is climbing close to $1-a-barrel. The risk on mood came about despite some disappointing private sector activity data across the Atlantic and soft Japanese manufacturing activity data. The dollar is firmer against most currencies, with the exception of commodity currencies. The domestic markets may also focus on any corporate news flow out of the U.S., especially on the M&A front.
Oil prices rose 5 percent on Monday after the world's oil consumer body said it expected U.S. shale production to fall this year and next, potentially reducing the glut in supplies that has driven prices to their lowest level in over a decade.
The holiday-shortened week resulted in the biggest weekly gain of the year following two weeks of losses. Even though the Dow Jones Industrial Average lost ground on Friday, it was up 2.6% for the week, and the S&P 500 rebounded as well, gaining 2.8%.
Next Trading Day's Important Events
- 18:00 (GMT 3) US Consumer Confidence
- USDJPY: 113.22
- EURUSD: 1.1010
- S&P 500: 1,917.78
- NASDAQ : 4,504.4