Dow Jones Industrial Average futures point to a higher stock market open today as investors don’t seem to care about Trump’s impeachment.
- Dow Jones futures are up this morning despite Trump’s impeachment.
- The stock market is being driven by positive economic sentiment.
- A flurry of earnings and economic data are in the cards today.
Futures on the Dow Jones Industrial Average (DJIA) are up early early Thursday morning as the market seems unmoved by President Trump’s impeachment by the US House of Representatives. The Dow’s immunity to this big political development is proof that the stock market iscurrently being driven by strong fundamentalsand signs of economic growth.
Another reason Trump’s impeachment hasn’t moved the Dow futures today is that the outcome was probably expected from a Democrat-led House. Moreover, removing Trump from office is far from a done deal as the action will now move to the Senate, which is controlled by the Republicans.
The Dow’s reaction is a clear indication that the Senate is expected to vote against Trump’s removal. So the market is counting against any political upheaval. It is instead looking at the improving economic scenario that should boost the stock market as the year comes to a close.
Dow futures point to a higher open
Dow Jones futures are up (points, or 0.) ********************************************** (percent, at 5.) ******************************************** am ET as the stock market looks to resume its rally after yesterday’s pause. The Dow had finished slightly lower yesterday, snapping a five-day winning streak, even asTrump went on a Twitter tirade.
S&P futures and Nasdaq Composite futures are also in the green , indicating that the stock market is all set to open higher today. Recent data points indicate that
The stock market is looking past Trump’s impeachment
S&P futures and Nasdaq Composite futures are also in the green , indicating that the stock market is all set to open higher today.
Recent data points indicate that
Another round of favorable data could prove to be a tailwind for the stock market today as it will point toward economic expansion. The Dow could also be impacted by existing home sales data that is due out today. There was positive news on this front in October as existing home sales in the U.S.had jumped more than expected, driven by low mortgage rates.
On the earnings front, a flurry of activity is expected today. The likes of FactSet, Darden Restaurants, and Accenture are set to release their earnings before the bell. AAR and Scholastic will deliver their reports after the bell, along with Nike, which is expected to be the big news for the day.
Nike’s earnings are in the spotlight as the market is expecting the sports apparel giant topost solid numbersdespite the impact of tariffs. Given that a trade truce has been struck between the U.S. and China, analysts expect Nike’s performance to improve over the coming quarters.
But at the same time, there are a few analysts who continue to remain skeptical about the trade deal. The lack of concrete details from Beijing has left the likes of Chris Krueger, an analyst at Cowen, flummoxed. Hewrote in a note(via CNBC):
“There remains more questions than answers,” Chris Krueger, Washington strategist at Cowen, said in a note . It’s “more trade truce than deal… It is unclear if any China tariffs on U.S. goods have been reduced… Vague promises on IP protections. ”
China’s foreign ministry is not coming out with specific details about the US-China trade pact. Such skepticism on Wall Street’s part could keep the Dow and the broader stock market grounded. But then, a slew of positive earnings reports and the economic data due today could give the Dow a push on the penultimate trading day of the week.
This article was edited bySamburaj Das. (