Dow Jones futures hit a record high on Monday, leading gains amid Wall Street futures reflecting investor optimism over the nomination of Scott Bessent as U.S. Treasury Secretary under President-elect Donald Trump.
Trump ended weeks of speculation by announcing his choice on Friday, with some investment strategists saying Bessent could take steps to limit government borrowing even as he delivers on the president-elect’s fiscal and trade promises.
“The beauty of this appointment is that Bessent is a fiscal conservative. This sets the stage for greater fiscal discipline, which the market will actually welcome,” said Joe McCann, chief executive of Asymmetric.
S&P 500 futures rose 0.51%, while Nasdaq 100 futures contracts rose 0.59% and Dow Jones futures rose 0.68%.
Big banks gained, with Wells Fargo rising 1.1% and Morgan Stanley up 1.2% in pre-opening trading, while Tesla rose 2%.
Among megacaps, Alphabet and Amazon.com rose 0.75% each.
Expectations for the Federal Reserve’s December rate decision have fluctuated recently. The CME’s FedWatch tool shows a 56% probability that the central bank will reduce borrowing costs by 25 basis points.
This week, investors will turn their attention to reading the PCE index, the Fed’s preferred inflation indicator, along with the latest GDP estimate and the minutes of this month’s US central bank meeting.
Source: Terra
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