United States stock futures advanced on Sunday evening (Monday AEST), extending recent gains as Wall Street aims to close out a strong June.
By 9:15 am AEST (11:15 pm GMT), Dow Jones Industrial Average futures were up 0.5%, while S&P 500 and Nasdaq 100 futures touched fresh record highs, lifting 0.3% apiece.
Markets have rebounded sharply this month, driven by optimism that many of President Donald Trump’s most aggressive tariff threats have yet to materialise.
The S&P 500 has climbed 4.4% in June, the Nasdaq has surged 6.1%, and the Dow has added 3.7%, marking a significant turnaround from April’s lows.
Friday’s session saw the S&P 500 and Nasdaq hit all-time closing highs, with the broader index finishing at 6,173.07 - up 0.5% for the day.
The Dow added nearly 1%. However, gains were pared late in the session after Trump announced the immediate termination of trade talks with Canada over its digital services tax.
Sentiment had earlier been lifted by comments from Commerce Secretary Howard Lutnick, who confirmed that a trade framework between the U.S. and China had been finalised, with further deals expected with 10 other trading partners.
Investors are now watching closely as the Senate considers Trump’s sweeping economic bill, which passed a procedural vote Saturday but faces hurdles in the House.
On the economic front, core personal consumption expenditures (PCE) prices rose slightly more than expected in May. While ANZ analysts noted the data shows inflation remains contained, Federal Reserve policymakers remain cautious and will await more data before adjusting policy.
CME FedWatch Tool indicates an 18.1% chance of a 25-basis point rate cut at the Fed's July meeting.
Ahead in the week, investors will be closely monitoring fresh U.S. employment data, including the job openings and labour turnover survey (JOLTs), Automatic Data Processing's (ADP) employment change, and non-farm payrolls.
