US pre-open: Stocks to edge higher as they build on records
US futures pointed to a slightly firmer open on Wall Street, with the Trump-inspired gains set to continue.
At 1130 GMT, Dow Jones Industrial Average futures were up 0.2%, while S&P 500 and Nasdaq futures were 0.1% higher.
Meanwhile, oil prices retreated, with West Texas Intermediate and Brent crude down 0.6% to $53.55 a barrel and $56.36, respectively.
Spreadex’s Connor Campbell said: “Looking ahead to this afternoon and the good times are showing no signs of going away, with the Dow Jones set to cross the 20300 for the first time in its history when the bell rings on Wall Street.
“There isn’t really any for the Dow to deal with this Monday, meaning trading will likely continue to be defined by this renewed Trump rally.”
On Friday, all three indices closed at fresh records, underpinned by rallying oil prices and optimism over President Donald Trump’s economic agenda after he pledged last week to make a “phenomenal” announcement about his tax plans soon.
Trump said he was planning the most ambitious tax reform since the Reagan era in the next few weeks, although he stopped short of giving any details.
White House spokesman Sean Spicer said the president would outline a comprehensive tax plan, including cuts for individuals and businesses.
In corporate news, Verizon Communications was likely to be in focus after the wireless carrier started selling unlimited data plans again for the first time since 2011.
Elsewhere, Teva Pharmaceutical Industries was among the companies slated to report earnings before the opening bell.
Basic resource stocks were likely to make gains as copper prices hit 20-month highs on supply concerns after BHP Billiton declared a force majeure due to a strike at its copper mine in Chile.
There are no major US data releases due, but investors will eye a meeting between Donald Trump and Canadian Prime Minister Justin Trudeau.