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Relief Rally Could Carry Into Tuesday's Early Trading - U.S. Commentary

Stocks look poised for further gains at the outset of Tuesday's trading, adding to the advance posted in the previous session.

Monday's gains drove the S&P 500 to another record, as investors responded to reports that the damage from Hurricane Irma was not as bad as people had feared as the storm made landfall. Also, an easing in international tensions opened the door for equity buying.

The S&P 500 advanced about 1.1 percent on Monday to close near 2,488. The Dow Jones Industrial Average advanced about 1.2 percent while the Nasdaq climbed 1.1 percent. Technology and financial stocks were among the biggest winners on the day.

Ahead of Tuesday's trading, futures pointed to an extension of the gains. There was little in the way of new information to drive action on Wall Street. There are no major economic reports scheduled for Tuesday and the corporate news flow has been light. Still, momentum from the previous session's relief rally carried over into the pre-market period, leading to the higher showing for the major average futures.

Overseas markets generally showed strength as well, though the U.K. was held back by some inflation data that was hotter than expected.

There are no major economic reports due out of the U.S. on Tuesday. Some key data is expected later in the week, however.

On Wednesday, the government will release figures on producer prices, a closely watched gauge of wholesale inflation. This will be followed up the next day with the consumer price report, a stat that tracks retail inflation.

Friday will be the busiest day of the week for U.S. data. The parade of figures will be led by retail sales, a report that should give a good look at the health of the consumer sector.

A couple notable reports on the factory sector are due out as well. This includes the New York Federal Reserve's Empire State Index, a gauge of manufacturing performance in New York State. Statistics on industrial production are due as well.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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