Stock futures spike on report Trump prepping $1T infrastructure plan, record retail sales
Proposal would fund roads, bridges and 5G wireless networks
U.S. equity futures were pointing to a sharply higher open Tuesday morning following a report that President Trump is preparing an almost $1 trillion infrastructure plan and after a record surge in retail sales.
Dow Jones Industrial Average futures gained 928 points, or 3.6 percent, while S&P 500 futures and Nasdaq futures rallied 0.91 percent and 2.6 percent, respectively.
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The president's infrastructure proposal would allocate most of the money for projects like roads and bridges, but would also provide funding for 5G wireless infrastructure and rural broadband, according to Bloomberg, citing people familiar with the plan. The White House did not immediately respond to FOX Business' request for comment.
Meanwhile, May retail sales rose 17.7 percent from a year ago, the biggest on record, outpacing the 8 percent advance that was expected.
The early advance comes after the Dow battled back from a 762-point drop on Monday, buoyed by the Federal Reserve announcing plans to buy individual corporate bonds as part of a previously announced program to keep lending markets functioning smoothly and allow big employers access to cash.
The S&P 500 rose 0.8 percent, the Dow Jones Industrial Average gained 0.6 percent and the Nasdaq composite added 1.4 percent.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44782 | -128.65 | -0.29% |
| SP500 | S&P 500 | 6047.15 | +14.77 | +0.24% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19403.947849 | +185.78 | +0.97% |
On Tuesday, the Commerce Department will report retail sales for May. The anticipated 8 percent jump in sales last month would be the largest ever, following a record 16.4 percent plunge in April.
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In Asian markets on Tuesday, Japan's Nikkei gained 4.9 percent, Hong Kong's Hang Seng added 2.4 percent and China's Shanghai Composite rose 1.4 percent.
In Europe, London's FTSE added 2.5 percent, Germany's DAX gained 3.2 percent and France's CAC rose 2.6 percent.
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Benchmark U.S. crude gained 46 cents to $37.58 a barrel while Brent crude, the international standard, added 56 cents to $40.28 a barrel.
The Associated Press contributed to this article.