Wall Street is eyeing another record session as U.S. stock futures pointed higher on Sunday, while the bond market digested the results of Japan’s snap election over the weekend.
Futures tied to the Dow Jones industrial average rose 100 points, or 0.20%. S&P 500 futures were up 0.35%, and Nasdaq futures jumped 0.64%.
That’s after the Dow soared by 1,200 points on Friday to top 50,000 for the first time as chipmakers and airlines fueled a ferocious stock market rebound off a deep selloff.
The yield on the 10-year Treasury rose 1.8 basis points to 4.224% as Japanese yields climbed by 4 basis points to 2.274%. The U.S. dollar was down 0.24% against the yen after initially gaining.
On Sunday, Japanese Prime Minister Sanae Takaichi’s party won a two-thirds supermajority in the lower house of parliament, as voters gave a resounding endorsement of her right-wing agenda, which includes fiscal stimulus.
But expectations that the stimulus will worsen Japan’s budget deficit and massive debt load have been putting upward pressure on bond yields. That in turn is dragging Treasury yields higher as Japanese debt becomes more attractive relative to U.S. debt.
Gold rose 1.46% to $5,052 per ounce, and silver climbed 3% to $70.16, also rebounding a bit from massive dives earlier. U.S. oil futures fell 0.88% to at $62.99 a barrel, and Brent crude lost 0.91% to $67.43.
Investors are also looking ahead to big economic indicators in the coming week. On Tuesday, the retail sales report for December is due. On Wednesday, the Labor Department will issue its monthly jobs report for January. And on Friday, the consumer price index for January will come out.
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