U.S. stock futures are pointing to a higher open on Wall Street to begin the week.
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Stocks around the world got a boost as President Trump backed away from his plan to slap a 5 percent tariff on Mexican goods late Friday night after the nation agreed to enforce a tougher stance on immigration and purchase more agricultural goods from the U.S.
Dow Jones futures were higher by 0.5 percent, S&P futures were up 0.4 percent and Nasdaq futures added 0.4 percent.
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In deal news over the weekend,
United Technologies and defense contractor Raytheon agreed to merge in an all-stock deal described as a “merger of equals,” the companies announced on Sunday, creating a company with $74 billion in annual sales.
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| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| UTX | UNITED TECHNOLOGIES CORPORATION | 132.15 | +0.48 | +0.36% |
| RTN | RAYTHEON COMPANY | 185.91 | +2.29 | +1.25% |
The new company will be named Raytheon Technologies Corporation. Currently, United Technologies has a market value of $114 billion while Raytheon’s is about $52 billion.
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Chinese markets closed higher to start the week with the Shanghai Composite added 0.9 percent. Hong Kong’s Hang Seng rose 2.3 percent. Japan’s Nikkei ended the day rising 1.2 percent to a 2-week high.
In Eurpean markets, Britain’s FTSE 100 was up 0.48 percent, France’s CAC 40 climbed 0.28 percent and German markets were closed for a holiday.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 25983.94 | +263.28 | +1.02% |
| SP500 | S&P 500 | 2873.34 | +29.85 | +1.05% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7742.101242 | +126.55 | +1.66% |
Last week, the Dow Jones Industrial Average clawed back 1,168 +points giving the blue-chip benchmark its best seven days since November of 2018, according to the Dow Jones Market Data Group and the best five days of 2019. The Dow crossed back above 26,000, an important psychological level for many traders, before settling just below that level on Friday.
Wall Street interpreted a surprisingly weak May jobs report — 75,000 jobs added instead of the 185,000 expected — as putting more pressure on the U.S. central bank to cut the federal funds rate. The Fed could act as soon as next month to cut interest rates and give the economy a boost.
