Wall Street Eyes New Highs as Futures Jump

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U.S. stock-index futures pointed higher Monday, signaling the Dow and S&P 500 are poised to build on record highs logged last week.

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As of 8:00 a.m. ET, Dow Jones Industrial Average futures jumped 66 points, or 0.42%, to 16094, S&P 500 futures advanced 6 points, or 0.33%, to 1807 and Nasdaq 100 futures gained 13 points, or 0.38%, to 3433. 

2013 has been the year of records for Wall Street. The Dow broke 15000 and 16000 this year, and continues climbing deep into uncharted territory. The blue-chip index has surged close to 23%, while the broader S&P 500 has tacked on nearly 27%. 

On the economic docket, traders will get a reading on pending home sales at 10:00 a.m. ET. Signed contracts to buy previously-owned homes are forecast to have jumped 1.3% in October from the month prior. The gauge is seen as a forward-looking indicator that predicts existing home sales. 

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A nuclear deal between Iran and world powers put pressure on oil prices that are seen as particularly sensitive to geopolitical news. The benchmark U.S. contract slid $1.45, or 1.5%, to $93.39 a barrel. Wholesale New York Harbor gasoline fell 1.5% to $2.685 a gallon. 

"While the deal with Iran will certainly be the topic of the day and we’re seeing the expected market response in oil, the week’s performance for stocks and bonds will still be determined by the US economic data and how the markets think the Fed will eventually respond," Peter Boockvar, chief market analyst at The Lindsey Group, wrote in an email to clients.

In metals, gold dropped $13.70, or 1.1%, to $1,231 a troy ounce. 

Elsewhere, J.C. Penney (JCP) will be booted from the S&P 500 and replaced with Allegion. 

 

 

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