EghtesadOnline: U.S. stock index futures were higher on Tuesday, pointing to an extension of the post-election rally, a day after Wall Street closed at record levels on hopes that President-elect Donald Trump's policies would prove market friendly.
The small cap Russell 2000 index hit a record high on Monday, marking the first time since December 1999 that all four major Wall Street indexes closed at record levels on the same day.
According to Reuters, the lure of possible tax cuts, higher spending on infrastructure and simpler regulations in the banking and healthcare industries under Trump's presidency have triggered a rally, especially in these sectors, since Nov.9.
The S&P 500 financial sector .SPSY has risen more than 11 percent since the election, while the industrial sector .SPLRCI has risen 5.6 percent.
Trump vowed to withdraw from the Trans-Pacific Partnership (TPP) trade accord as he outlined his plans on Monday for his first day in office next year.
Dow and S&P futures hit record levels overnight, while higher oil prices carried the momentum into early morning trade on Tuesday. Oil rose to its highest level this month as investors hope that the OPEC would arrive at an agreement to limit output and boost prices. [O/R]
The dollar .DXY was down 0.2 percent at 100.82. The index is on track to mark its second day of losses, after having risen for ten days in a row.
Data on tap includes a report on existing home sales, which likely dropped 0.5 percent to 5.43 million units in October. The report is due at 10:00 a.m. ET.
Shares of Palo Alto (PANW.N) dropped 11.7 percent to $142.25 in premarket trading after the cyber security firm forecast revenue for the current quarter that missed the average analysts' estimate.
Medtronic (MDT.N) was off 4.4 percent at $77 after the medical device maker lowered its full-year earnings forecast.