VET:CC - Dow Rebounds Monday
U.S. stock futures rose on Monday following back-to-back weekly losses for the Dow Jones Industrial Average and S&P 500 as investors hoped Democrats and Republicans would reach a debt ceiling deal.
Futures for the Dow Jones Industrials rocketed 133 points, or 0.4%, at 33,488.
Futures for the S&P 500 hiked 16.25 points, or 0.4%, to 4,154.25.
Futures for the NASDAQ Composite 38.25 points, or 0.3% to 13,434.50.
Shares of Shake Shack jumped nearly 4% in premarket trading Monday after the Wall Street Journal reported that activist investor Engaged Capital is planning a proxy fight for three board seats at the company. Engaged Capital acquired a 6.6% stake including swaps.
Treasury Secretary Janet Yellen hinted over the weekend that the U.S. would avoid a default. Yellen had told reporters last week that failure to hatch an agreement on the debt ceiling would “produce financial chaos” with Treasury currently giving June 1 as the date when it could fail to meet its obligations. President Joe Biden is expected to host top Congressional leaders on Tuesday for debt ceiling talks.
In Japan, the Nikkei 225 gained 0.8%, while in Hong Kong, the Hang Seng picked up 1.8%.
Oil prices added 73 cents to $70.77 U.S. a barrel.
Gold prices slid $2.70 to $2,017.10 U.S. an ounce.