U.S. stock futures advanced on Monday, helped by receding turbulence in the U.K. bond market as earnings season continues.
What’s happening
-
Futures on the Dow Jones Industrial Average
YM00,
+0.94%
rose 190 points, or 0.6%, to 29898. -
Futures on the S&P 500
ES00,
+1.15%
gained 28.25 points, or 0.8%, to 3626. -
Futures on the Nasdaq 100
NQ00,
+1.34%
increased 103 points, or 1%, to 10847.
On Friday, the Dow Jones Industrial Average
DJIA,
fell 404 points, or 1.34%, to 29635, the S&P 500
SPX,
declined 87 points, or 2.37%, to 3583, and the Nasdaq Composite
COMP,
dropped 328 points, or 3.08%, to 10321.
What’s driving markets
New U.K. Chancellor Jeremy Hunt was set to unveil fiscal measures, according to the Treasury, in what’s anticipating as a further repeal of the tax cuts earlier announced by Liz Truss’s government. He spent the weekend giving interviews suggesting further U-turns.
The yield on the 30-year gilt
TMBMKGB-30Y,
fell 37 basis points, even as a temporary Bank of England bond purchase program ended.
There’s also earnings due from companies including Bank of America
BAC,
and the Empire State manufacturing index is due for release.