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President-elect Donald Trump's expected agenda of economic
stimulus and reduced taxes and regulations has fueled a market
rally, with the S&P rising 5.6 percent since Nov. 8 to Friday's
close.
Investors are keeping an eye on the U.S. Federal Reserve's last
meeting for the year, beginning Tuesday, with a statement from
Fed Chair Janet Yellen on Wednesday. The central bank is widely
expected to raise benchmark interest rates, with market
participants looking for clues about the pace of future hikes.
Traders are pricing in a 94.3 percent chance of a hike this
month, according to Thomson Reuters data.
"The most recent 'dot plot' from the September meeting shows
another two rate hikes are projected for 2017, which is in line
with markets expectations, and investors are wondering if these
dots are going to move higher when released on Wednesday," said
Hussein Sayed, chief market strategist at forex broker FXTM.
The dollar <.DXY> rose to its highest since February against the
yen on Monday as U.S. bond yields climbed on the back of
expectations of broadly higher inflation, driven by a rise in
global oil prices.
Oil rose by as much as 6.5 percent to an 18-month high after
OPEC and some of its rivals reached their first deal since 2001
to jointly reduce output to try to tackle global oversupply and
boost prices. [O/R]
Ophthotech <OPTH.O> slumped 78.3 percent to $8.40 in premarket
trading after Novartis <NOVN.S> said a combination of its eye
drug along with Ophthotech's did not produce better outcomes.
Oil majors Exxon Mobil Corp <XOM.N> and Chevron <CVX.N> were up
1.5 percent and 1.7 percent, respectively, after a jump in oil
prices.
Futures snapshot at 7:06 a.m. ET (1206 GMT):
Dow e-minis <1YMc1> were up 17 points, or 0.09 percent, with
14,976 contracts changing hands.
S&P 500 e-minis <ESc1> were down 0.5 points, or 0.02 percent,
with 166,234 contracts traded.
Nasdaq 100 e-minis <NQc1> were down 20 points, or 0.41 percent,
on volume of 12,813 contracts.
(Reporting by Tanya Agrawal; Editing by Sriraj Kalluvila)
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