Wall Street futures indicated a moderately positive start as traders positioned themselves ahead of the US national election results and the Federal Reserve's crucial rate announcement scheduled for Thursday. In pre-bell trading, the S&P 500 advanced by 0.3%, while the Nasdaq similarly rose by 0.3%, and the Dow Jones experienced a modest gain of 0.1%.
The probability of a 0.25% reduction in the Fed's key policy rate stands above 98% as the conclusion of this week's policy meeting approaches, as noted by CME FedWatch. In energy markets, crude oil prices increased following OPEC’s announcement regarding an extension of production cuts throughout the remainder of 2024.
Meanwhile, Asian markets were generally upbeat, buoyed by expectations regarding forthcoming macroeconomic stimulus measures anticipated in Beijing this week. European stock exchanges also showed positive movement around midday. On the economic calendar today, the factory orders report for September is set to be released at 10 am ET.
In the latest premarket activity, Bitcoin was trading at $68,752, West Texas Intermediate crude oil saw an uptick to $71.09, and 10-year US Treasuries yielded 4.30%. Spot gold was priced at $2,741 an ounce..