Futures rise on trade optimism, rate cut hopes
At 8:49 a.m. ET, the S&P 500 e-minis EScv1 rose 0.36% to hit a record high of 3,031.25.had come within striking distance of its all-time high on Friday after the United States said it was"close to finalizing" some parts of a trade agreement with China. The other two major indexes are more than 1% below their record levels.
“Markets seem convinced the first deal will get done and that negotiations are progressing on the next deal,” said Edward Moya, senior market analyst at Oanda. Dismal domestic economic indicators since the beginning of October have raised the odds for a quarter percentage point cut in U.S. borrowing costs to 94% from 49% last month.“Stocks could also be supported on expectations that the Fed will deliver a third consecutive and remain data dependent if more are warranted,” Moya added.
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