Traders work on the floor of the New York Stock Exchange during afternoon trading on Aug. 2, 2024.
Michael M. Santiago | Getty Images
Stock futures edged higher in overnight trading Monday, after the Dow Jones Industrial Average closed at a new record.
Futures tied to the Dow added 30 points, or 0.1%, while S&P 500 futures and Nasdaq 100 futures rose 0.1% and 0.2%, respectively.
Kohl’s dropped 4% in overnight trading after announcing its CEO would be stepping down in January.
Stocks are coming off an action-packed session fueled by President-elect Donald Trump’s new Treasury secretary pick. The gains helped refuel the belief that the post-Trump election rally is back in full gear following a brief breather.
The 30-stock Dow popped more than 440 points, or about 1%, to a new record close during regular trading. The S&P 500 gained 0.3% to notch a new all-time intraday high, while Nasdaq Composite edged up about 0.3%. The Russell 2000 hit a new intraday high — its first record since 2021 — as investors piled into small caps.
Meanwhile, Treasury yields fell as investors lauded the choice of Key Square Group founder Scott Bessent to lead the Treasury department. Many investors view the hedge fund manager as a champion of financial markets and the economy given his background, and as someone who could potentially counteract some of Trump’s aggressive trade aspirations.
“These policies may take more time to play through into the market actually get enacted,” NewEdge’s Cameron Dawson told CNBC’s “Closing Bell” on Monday of potential new policies from the Treasury pick. “It’s definitely a question mark of how much impact he can have in the short run as we round the year.”
The U.S. market is closed Thursday for the Thanksgiving holiday and set to close early Friday, with volume expected to remain light. Ahead of the holiday, investors are looking ahead to October’s personal consumption expenditure price index.