Monday’s rally looks likely to be followed up by more gains
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U.S. stock indexes were ready to test records on Tuesday, with the focus set to shift to technology and Apple Inc., ahead of an event expected to deliver a fresh update to its coveted gadget lineup.
Dow Jones Industrial Average futures rose 52 points, or 0.2%, 22,068, while S&P 500 futures added 3.95 points, or 0.2%, to 2,489.75. Nasdaq-100 futures moved slightly out in front, with a gain of 11.50 points, or 0.23%, to 6,002.50.
On Monday, the S&P and the Dow industrials logged their biggest one-day percentage gains (http://www.marketwatch.com/story/dow-futures-up-more-than-100-points-as-fears-ease-over-hurricane-irma-north-korea-2017-09-11) in months. The S&P 500 finished up 1.1% to reach an all-time high of 2,488.11, while the Dow retook a key level, closing up 1.2% at 22,058.37.
At the same time, the Nasdaq Composite Index climbed 1.1%. Stocks rallied after Hurricane Irma caused less damage than expected, and as tensions around North Korea eased.
Read:This legendary value-investor is another stymied by expensive stocks (http://www.marketwatch.com/story/expensive-stocks-frustrate-another-value-investing-legend-report-says-2017-09-11)
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Apple (AAPL), which is holding an event later Tuesday, rose 1% in premarket, after Monday’s 1.8% gain. Investors expect the iPhone maker to reveal its 10th anniversary mobile phone, which reportedly has a price tag of around $1,000 (http://www.marketwatch.com/story/new-apple-iphones-key-feature-is-its-price-tag-2017-09-09). The Cupertino, Calif.-based company’s keynote presentation is slated to commence at 1 p.m. Eastern.
Opinion:Apple’s new iPhone won’t move the stock the way these drivers could (http://www.marketwatch.com/story/apples-iphone8-wont-move-the-stock-the-way-these-drivers-could-2017-09-11)
(http://www.marketwatch.com/story/apples-iphone8-wont-move-the-stock-the-way-these-drivers-could-2017-09-11) (http://www.marketwatch.com/story/apples-iphone8-wont-move-the-stock-the-way-these-drivers-could-2017-09-11)And:Tired of the FANG gang? These 2 tech stocks look like they’re in the same class (http://www.marketwatch.com/story/tired-of-the-fang-gang-these-2-tech-stocks-look-like-theyre-in-the-same-class-2017-09-11)
“Today’s focus will all be on technological stocks, as Apple is set to unveil its newest iPhone, entitled iPhone X, which will feature facial recognition as well many new aesthetics and new improvements to the already existing features it has,” said Hassan Kanaan, senior research associate at Royal Financial/RFXT in Beirut, in a note to clients.
(http://www.marketwatch.com/story/expensive-stocks-frustrate-another-value-investing-legend-report-says-2017-09-11)Economic data on tap for Tuesday is headlined by a reading on job openings for July, scheduled for release at 10 a.m. Eastern.
Moving stocks: Shares of Teva Pharmaceuticals Industries Ltd.(TEVA) rose nearly 8% in premarket after Israeli-based pharmaceutical group said late Monday it will sell its Pargard IUD product (http://www.marketwatch.com/story/cooper-cos-buys-teva-iud-line-for-11-billion-2017-09-11) to Cooper Cos.(COO) for $1.1 billion in cash.
Equifax Inc.(EFX) shares fell 1% in premarket. Standard & Poor’s announced late Monday a downgrade of its outlook on the credit-reporting agency (http://www.marketwatch.com/story/equifax-outlook-lowered-to-negative-by-standard-and-poors-2017-09-11) to negative from stable in the wake of a recent breach that put the data of 143 million Americans at risk. Equifax shares fell 8.2% on Monday.
Read:Equifax lobbied for more lax regulations ahead of massive data breach (http://www.marketwatch.com/story/equifax-lobbied-for-more-lax-regulations-ahead-of-massive-data-breach-2017-09-11)
Other markets:Asian markets (http://www.marketwatch.com/story/nikkei-hits-best-intraday-level-in-a-month-as-asian-markets-extend-gains-2017-09-11) saw tepid gains, outside of a 1.2% rally for the Nikkei which hit its best intraday level in a month as the yen continued to fall against the dollar. The dollar index , meanwhile, was modestly higher, marked by that stronger dollar/yen cross.
The British pound hit the highest level this year (http://www.marketwatch.com/story/dollar-falls-against-pound-with-sterling-at-2017-high-on-rate-hike-prospects-2017-09-12) after U.K. inflation rose by more than expected.
Read: Why the Swiss central bank may be betting on a stronger euro (http://www.marketwatch.com/story/why-the-swiss-central-bank-is-betting-on-a-stronger-euro-analysts-say-2017-09-11)
The Stoxx Europe 600 index put on about 0.5%. Oil prices drifted lower, while gold prices also fell modestly.
(END) Dow Jones Newswires
September 12, 2017 07:18 ET (11:18 GMT)