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The
small cap Russell 2000 index hit a record high on Monday,
marking the first time since December 1999 that all four major
Wall Street indexes closed at record levels on the same day.
The lure of possible tax cuts, higher spending on infrastructure
and simpler regulations in the banking and healthcare industries
under Trump's presidency have triggered a rally, especially in
these sectors, since Nov.9.
The S&P 500 financial sector <.SPSY> has risen more than 11
percent since the election, while the industrial sector <.SPLRCI>
has risen 5.6 percent.
Trump vowed to withdraw from the Trans-Pacific Partnership (TPP)
trade accord as he outlined his plans on Monday for his first
day in office next year.
Dow and S&P futures hit record levels overnight, while higher
oil prices carried the momentum into early morning trade on
Tuesday. Oil rose to its highest level this month as investors
hope that the OPEC would arrive at an agreement to limit output
and boost prices. [O/R]
The dollar was down 0.2 percent at 100.82. The index is on track
to mark its second day of losses, after having risen for ten
days in a row.
Data on tap includes a report on existing home sales, which
likely dropped 0.5 percent to 5.43 million units in October. The
report is due at 10:00 a.m. ET.
Shares of Palo Alto dropped 11.7 percent to $142.25 in premarket
trading after the cyber security firm forecast revenue for the
current quarter that missed the average analysts' estimate.
Medtronic was off 4.4 percent at $77 after the medical device
maker lowered its full-year earnings forecast.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by
Anil D'Silva)
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