By Seth Archer

Brendan McDermid/Reuters

Specialist trader Meric Greenbaum works with his daughter on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 25, 2016.

Dave Lutz, head of ETFs at JonesTrading, has an overview of markets this Monday:

Here’s Lutz:

Good Morning! US Futures in rally mode, with mega-tech leading us to upside as NDX gains 60bp into the White House meeting of Tech Executives. AMD, NVDA, AAPL, AMZN all up ~1%+ carrying the sector north. All Green in Europe, where the DAX is up 90bp and just off all-time highs – France jumping 1% as Macron padded his majority in the French Assembly – Fins leading, while retailers seeing a tentative rebound. Industrials are jumping behind third Point/Philips headers, while Autos are in rally mode. FTSE up 50bp with Ocado rallying in London as AMZN-WFM sparks animal spirits/ Volumes are pacing a “summer Monday” level tho, with most exchanges 10-20% light in turnover. Strong rallies in Asia, with Nikkei up 70bp – Hang Seng up 1.2% – Shanghai up 70bp ahead of MSCI decision tomorrow, and Aussie up 50bp despite retailers getting smoked on AMZN, and Moody’s downgrades their banks

The 10YY remains at a depressed 2.15% level into Multiple Fed Speakers this week, but the DXY is starting on the back foot. Sterling above 7-month lows as Brexit talks begin, while Euro jumping on yet another populist electoral defeat. $/Y higher on weaker export data, while the Greenback is gaining against Aussie as the Bank downgrades weigh. Ore up 2% on headers of Wealth Management firms being allowed to invest in metals – that is dragging Copper 1% higher, while Gold drifts near one-month lows. Oil hovering just above 6-week lows, while Gasoline is adding 1% after last week’s inventory inspired weakness. Natty tho is getting smoked for 5% as milder weather in the mid-west sparks selling.

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Source:: Business By Insider


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