US Stock Indexes Hit Record Highs

STOCK INDEX FUTURES

S&P 500, Dow and NASDAQ futures advanced to record highs after the White House surprised with a re-entry into economic relief talks with a $916 billion proposal late yesterday that opened a potential new path to a year-end agreement.

The 9:00 central time October Job Openings and Labor Turnover Survey (JOLTS) report is expected to show 6.4 million.

CURRENCY FUTURES

The U.S. dollar is lower as increased prospects of more U.S. fiscal stimulus weakened the U.S. currency.

Longer term, the U.S. dollar is likely to trend lower due to expectations for an extended period of low interest rates and concerns over rising U.S. levels of debt.

The euro currency is higher. Some analysts believe the euro will be underpinned by favorable euro zone trade numbers and that this bullish influence will outweigh the anticipated additional easing measures when the European Central Bank meets tomorrow.

The British pound is higher. Investors are cautiously optimistic that the U.K. and the European Union may strike a trade deal soon.

The Japanese yen is higher after a report showed Japan’s October core machinery orders increased 17.1% on the month when a gain of 2.5% was anticipated.

INTEREST RATE MARKET FUTURES

Futures are steady at the front of the curve and are lower at the long end, especially the 30-year Treasury bond futures.

There are no major Federal Reserve speakers scheduled for today.

The Treasury will auction ten-year notes today.

Financial futures markets are predicting there is almost a 100% probability that the Federal Open Market Committee will keep its fed funds rate unchanged at zero to 25 basis points at the December 16 policy meeting.

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