U.S. stock futures point to small gains at open
Investing.com
Published May 15, 2017 06:48AM ET
U.S. stock futures point to small gains at open
Investing.com - U.S. stock futures pointed to small gains for the major indices on Monday as oil prices rallied after Saudi Arabia and Russia proposed extending a deal to cut oil production.
The blue-chip Dow futures put on 29.5 points or 0.14%, at 06:52 ET (10:52GMT), the S&P 500 futures added 1.5 points, or 0.06%, while the tech-heavy Nasdaq 100 futures edged down 1.38 points, or 0.03%.
The small gains came after the S&P 500 and the Dow slipped on Friday as tepid U.S. economic data raised doubts over the outlook for the retail sector and the wider economy.
The Nasdaq Composite edged slightly higher on Friday and logged a fourth straight weekly gain.
Investor sentiment was boosted on Monday after the energy ministers of Saudi Arabia and Russia said they believe a deal to cut oil production should be extended for a further nine months until March 2018 in a bid to reduce a global supply glut.
The bounce in oil prices offset concerns over rising geopolitical tensions after North Korea confirmed that it had carried out a mid-to-long range missile test on Sunday.
The test was a significant advance in North Korea’s drive for an intercontinental ballistic missile capable of carrying a nuclear warhead and reaching the U.S. mainland.
Investors appeared to largely shrug off fears following a weekend cyberattack that hit businesses, hospitals and government agencies in at least 150 countries around the world.
Shares in energy producers and natural resource stocks were in demand in premarket trade.
Shares of Chesapeake Energy (NYSE:CHK), NRG Energy (NYSE:NRG) and Apache Corp (NYSE:APA). were among the biggest premarket gainers.
In currency markets, the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.27% at 98.78.
On the economic data front, the Empire state manufacturing index for May was due out at 8:30 ET.
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Written By: Investing.com
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