FXStreet (Mumbai) - An extended weekend due to labor day holiday on Monday is likely to be followed by an upbeat mood on Wall Street as index futures point to a strong day of gains ahead.
At the time of writing, the Dow Jones futures traded 270 points higher. The S&P futures were up 34 points after a 29 point fall on Friday. The Nasdaq futures were up 65 points. Stock markets in the US were closed on Monday, when European markets rose, but Asia ended mostly lower.
The overnight data showed China’s trade surplus rose, but due to a sharper fall in imports, highlighting the slowdown in the economic activity. Meanwhile, German trade figures rose to a new record and the Q2 Eurozone GDP was revised higher.
FOMC just a week away
The trading from here on in could be centred around the Fed rate hike expectations at next week’s FOMC meeting. The closely watched non-farm payrolls report released Friday did little to alter the rate hike expectations. The market stands divided on the possibility of a rate hike next week.
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