Wall Street Poised for Higher Open as Ukraine Peace Talks Raise Hopes
U.S. equity futures are signaling a positive start on Wall Street ahead of Tuesday's opening bell. This optimism stems from a meeting between Russian and U.S. officials in Saudi Arabia, fueling hopes for an end to the ongoing war in Ukraine.
Market Movers
* S&P 500 futures are up 0.3%.
* Nasdaq 100 futures have gained 0.4%.
* Intel Corp. surged 5% on reports of potential deals involving Taiwan Semiconductor Manufacturing Co. and Broadcom Inc.
* Super Micro Computer Inc. and Micron Technology Inc. also witnessed gains.
Russia-Ukraine Talks
The talks between Russia and the U.S. raise the possibility of a meeting between Presidents Trump and Putin. The U.S. side views these discussions as exploratory, seeking to determine Russia's commitment to ending the conflict.
Defense Spending Boost
Expectations of increased military spending in Europe have bolstered European defense stocks such as Rheinmetall AG and Dassault Aviation SA.
Bullish Sentiment and Risk Appetite
A survey by Bank of America Corp. indicates a bullish outlook for global stocks, with investors showing increased willingness to assume risk. Fund managers' cash levels have reached their lowest point since 2010.
Interest Rate Outlook
Federal Reserve Governor Christopher Waller suggested that interest rates may remain on hold until further progress is made in reducing inflation. This has contributed to a strengthening of the dollar against G-10 currencies.
Gold Gains
Gold prices have extended their rally, trading around $2,915 an ounce after analysts at Goldman Sachs raised their year-end target to $3,100.
Key Events This Week
* Tuesday: Canada CPI
* Wednesday: New Zealand rate decision, UK CPI, US FOMC minutes, housing starts
* Thursday: China loan prime rates, Eurozone consumer confidence, G-20 foreign ministers meet
* Friday: Reserve Bank of Australia Governor Michele Bullock's testimony, Japan CPI, Eurozone and UK PMI data, US PMI data, Bank of Canada Governor Tiff Macklem's speech