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Positive moods move across the ocean, US opens in green
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Loading...U.S. stock futures surged on Monday as shares of beaten-down tech shares rebounded after posting steep losses last week.
Shares of Facebook, Amazon, Apple, Netflix and Google-parent Alphabet all rose at least 1 percent in the premarket. These stocks dropped at least 3.6 percent last week, falling further into bear-market territory.
Monday's moves come after stocks suffered their worst Thanksgiving week since 2011 last week as a sell-off in once-loved technology stocks and oil prices put traders into risk-off mode. On Friday alone, U.S. oil prices plunged about 8 percent.
Investors also looked ahead to a speech from Federal Reserve Chairman Jerome Powell later this week. Powell is scheduled to speak at the New York Economic Club on Wednesday. During this recent sell-off, investors have been worried about the future of monetary policy as the central bank is on track to tighten its stance. The Fed is expected to hike rates in December after tightening policy three times earlier this year. For next year, the Fed expects to hike rates three times.
Politics will be another area of focus for investors this week, with the G-20 summit in Argentina and Brexit dominating headlines. The meeting of the world's most powerful leaders will bring together President Donald Trump and Chinese President Xi Jinping, at a time of intense trade tensions between the two countries. Meanwhile, the U.K. has gained the backing of the European Union on its deal to withdraw from the soon-to-be 27-member bloc.
Source: CNBC
Trader Georgi Bozhidarov Read more:
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