MARKET SNAPSHOT: U.S. Stocks On Track To Resume Their Record-busting Rise

By Victor Reklaitis, MarketWatch Features Dow Jones Newswires

Storied conglomerate GE and new issue Switch in focus

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U.S. stock futures edged higher Monday, putting the Dow Jones Industrial Average on track to resume its advance to never-before-seen heights.

What stock benchmarks are doing

Dow Jones Industrial Average futures added 23 points, or 0.1%, to 22,717.00, while S&P 500 futures tacked on 2.90 points, or 0.1%, to 2,548.00. Nasdaq-100 futures rose by 9.75 points, or 0.2%, to 6,074.00.

On Friday, the Dow and S&P 500 edged lower (, retreating from their record closes on Thursday, as traders digested a monthly jobs report that was skewed by hurricanes Irma and Harvey ( But each gauge still gained more than 1% for the week. The Nasdaq Composite Index inched up Friday and achieved another all-time closing high.

Read:Why stocks may be "on the verge" of a melt-up (

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The Dow has gained 15% for the year as of Friday's close, the S&P is up 14%, and the Nasdaq Composite has risen 22%.

What strategists are saying

"The biggest risk to the market from a technical standpoint is sentiment, which is 'overly bullish' by most measures," said Katie Stockton, BTIG's chief technical strategist, in a note. "We think another 3%-5% pullback would refresh the uptrend just in time for a seasonal year-end rally, but would await deterioration in our short-term indicators before positioning for a downdraft."

Which stocks are in focus?

Shares in General Electric Co.(GE) edged 0.3% higher in premarket action following news that several of its top executives are leaving the conglomerate. The departures signify a high-profile shake-up ( under new CEO John Flannery, who is under pressure to reboot the company.

Shares in data-center company Switch Inc. fell 4% premarket after they surged 23% on Friday in their trading debut (

What other assets are doing

European stocks () rose, helped by Spain's IBEX benchmark rallying somewhat after last week's tumble that was sparked by Catalonia edging toward secession. The independence movement lately has faced counter-protests and companies threatening to leave the restive region. Asian markets closed mostly higher (

See:This could be the green light to jump into beaten-up Spanish stocks (

Oil futures and gold futures gained, while the ICE U.S. Dollar Index was little changed. Analysts said gold was drawing haven demand thanks to a renewed war of words ( between North Korea and President Trump.

Turkey's lira ( was sharply lower against the dollar as a diplomatic spat weighed ( The U.S. and Turkey on Sunday stopped issuing nonimmigrant visas to each others' citizens, in a development that followed the arrest of a U.S. Consulate employee in Istanbul.

The British pound gained modestly on the buck, stabilizing somewhat after a punishing start to the month.

No Fed speeches or big data releases on Columbus Day

There are no Federal Reserve speeches and no major U.S. economic reports on the docket on Monday. It is Columbus Day, a U.S. government holiday.

(END) Dow Jones Newswires

October 09, 2017 06:14 ET (10:14 GMT)