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November 9, 2021: -Dow futures increased in early trading after the major U.S. market indexes reached record highs Friday following a better-than-expected October jobs report.
Futures on the Dow Jones Industrial Average gained 100 points or 0.3%. S&P 500 futures ticked up 0.1%, and Nasdaq 100 futures traded near the flatline.
The moves in futures trading came after the U.S. House of Representatives late Friday passed an over $1 trillion infrastructure bill, sending the legislation to President Joe Biden for his signature. In August, the package passed by the Senate would provide new funding for transportation, utilities, and broadband, from other infrastructure projects.
Dow 30 mainstay Caterpillar saw its shares increase about 5% premarket as the manufacturer of construction equipment could benefit from the spending package. Heavy equipment producer Deere also got a lift, with claims up more than 2%. Vulcan Materials gained nearly 7%, and Nucor added more than 4%.
Several energy companies also got a boost on rising energy prices. After President Joe Biden’s remark, he does not expect OPEC+ nations to react to a call to speed production. Centerra Energy added about 1% premarket.
Tesla founder Elon Musk rattled investors this weekend, asking whether he should sell 10% of his stock in a Twitter poll as a response to political clamoring to tax unrealized gains from equity holdings. Some 58% of respondents said yes, shares in Tesla dropped more than 4% in premarket trading.
The three major U.S. stock averages each closed at record highs Friday to cap off a winning week. The Dow increased 203.72 points, or almost 0.6%, in its sixth-straight position day. The S&P 500 is gaining 0.4% for its seventh winning session in a row. The Nasdaq Composite is adding 0.2% to post its tenth consecutive positive session.
The rally came after the October jobs report came in better than economists had expected. U.S. payrolls are adding 531,000 jobs last month, according to the Labor Department. Friday’s description also revised up September and August payroll numbers.
The Federal Reserve earlier last week announced a plan to start tapering its pandemic-era economic aid by November end, putting the central bank on track to end its asset purchase program by the middle of next year.
Investors await new inflation readings in the week ahead. The producer and consumer prices index are slated for release on Tuesday and Wednesday, respectively, and economists expect both reports to remain hot for October.
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