BNY Mellon Investment Management chief strategist Alicia Levine, Divine Asset Management founding partner Danielle Hughes and Belpointe Asset Management chief market strategist David Nelson discuss the housing market and how the strong retail sales in May could be due to the Federal Reserve and pent-up demand.
U.S. equity futures are indicating a rise in stocks when the Wall Street session begins.
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The major futures indexes are looking at a rise of 0.6 percent, after a day that saw the S&P gain for a third day on record retail sales numbers and hopes of a global economic recovery.
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Also Tuesday, the Federal Reserve promised to keep its policy ultra-loose to support business activity.
Traders will get the latest data on the housing market with May’s housing starts and building permits numbers.
In Europe, London’s FTSE added 0.9 percent, Germany’s DAX gained 0.8 percent and France’s CAC jumped 1.1 percent.
In Asian markets on Wednesday, the Nikkei in Tokyo retreated 0.6 percent, the Hang Seng in Hong Kong gained 0.7 percent and China’s Shanghai Composite added 0.1 percent.
Adding to the mixed picture, Japan’s government reported May exports fell 28.3 percent from a year earlier in their biggest decline since the 2008 global crisis.
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Wall Street’s benchmark S&P 500 index rose for a third day, gaining 1.9 percent on Tuesday after U.S. retail spending was stronger than expected. The Dow Jones Industrial Average climbed 2 percent to 26289.98. The Nasdaq Composite added 1.7 percent to 9895.87.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 26289.98 | +526.82 | +2.04% |
| SP500 | S&P 500 | 3124.74 | +58.15 | +1.90% |
| I:COMP | NASDAQ COMPOSITE INDEX | 9895.867201 | +169.84 | +1.75% |
Benchmark U.S. crude oil for July delivery lost 13 cents to $38.31 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained $1.26 on Tuesday to settle at $38.38.
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Brent crude, the benchmark for international prices, added 9 cents to $41.05 per barrel in London. It rose $1.24 the previous session to $40.96 a barrel.
The Associated Press contributed to this article.
