Wall Street futures indicated a moderate rise before the market opened on Monday as traders positioned themselves ahead of the anticipated US national election results and the Federal Reserve's critical rate decision set for Thursday. In pre-market trading, the S&P 500 experienced a 0.3% increase, while the Nasdaq also rose by 0.3%.
The Dow Jones followed suit with a slight gain of 0.1%. The likelihood of the Fed reducing its key policy rate by 0.25% at this week’s policy meeting stands at over 98%, based on insights from CME FedWatch. Crude oil prices saw an uptick after OPEC communicated intentions to extend production cuts throughout the remainder of 2024. Asian stock markets predominantly ended higher overnight, buoyed by expectations of macroeconomic stimulus plans that are set to be announced this week in Beijing. European markets also showed gains by midday. Notably, the economic calendar highlights the release of the factory orders report for September at 10 am ET. In the pre-market landscape, Bitcoin was trading at $68,752, West Texas Intermediate crude oil was up to $71.09, and 10-year US Treasuries yielded 4.30%.
Spot gold traded at $2,741 per ounce..