Equity futures rose sharply as the U.S. and Canada confirmed a new trade agreement ahead of a Sunday midnight deadline.
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Dow Jones futures were rising by 0.64 percent. The S&P 500 added 0.52 percent and the Nasdaq Composite was up 0.67 percent.
The United States and Canada confirmed Sunday they had reached a deal on a “new, modernized trade agreement,” which is designed to replace the 1994 NAFTA pact.
In a joint statement the two nations said the new deal would be called the United States-Mexico-Canada Agreement (USMCA).
The agreements reportedly boost U.S. access to Canada’s dairy market and protect Canada from possible U.S. autos tariffs.
Economic data due on Monday includes the latest on manufacturing and construction spending.
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The next biggest headline of the week will come on Friday as traders await the September jobs report.
In weekend news, The Securities and Exchange Commission has settled securities fraud charges with Tesla CEO Elon Musk, who will remain at the head of the company, while stepping down as chairman of the electric-car maker, according to a news release from the SEC.
Musk and Tesla will also be required to pay $20 million in penalties each.
The eccentric billionaire came under investigation by the SEC after he abruptly tweeted in August that he was considering taking Tesla private at $420 per share and had already secured the funding (Tesla shares soared upon the initial tweet, rising more than 10 percent).
In Friday’s trading, Stocks ended the final day of the third quarter and month little changed despite declines in shares of Facebook and Tesla.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 26458.31 | +18.38 | +0.07% |
| SP500 | S&P 500 | 2913.98 | -0.02 | -0.00% |
| I:COMP | NASDAQ COMPOSITE INDEX | 8046.353 | +4.38 | +0.05% |
The S&P 500 gained 7.2% in the third quarter, its best performance since the end of 2013, while the Dow Jones Industrial Average climbed 9%. The Nasdaq Composite rose 7.1%, extending its streak of gains to nine consecutive quarters. All three major indexes are within about 1% of their all-time highs.
Late Friday, Facebook dropped over 2 percent after disclosing 50 million accounts were breached. CEO Mark Zuckerberg, on a call, said the company is working with the FBI.
In Asia, Japan’s Nikkei rose to a 27-year high gaining 0.6 percent.
China’s Shanghai composite and Hong Kong’s Hang Seng are closed for holidays.
Fox Business’ Leia Klingel, Megan Henney and Charles Brady contributed to this report
