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U.S. Stocks May Move To The Upside In Early Trading

wallstreet oct16 10aug20 lt

Stocks are likely to move to the upside in early trading on Monday, although buying interest may be somewhat subdued. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 88 points.

The modest upward momentum on Wall Street comes after President Donald Trump signed executive orders aimed at extending coronavirus relief to Americans.

The executive orders include an extension of expanded unemployment benefits, a deferral of student loan payments through 2020, a federal moratorium on evictions and a payroll tax holiday.

Trump signed the orders as lawmakers continue to struggle to reach an agreement on a new coronavirus relief package.

However, the orders are likely to face legal challenges, as Congress controls the funding needed to continue the programs.

Concerns about rising tensions between the U.S. and China may also limit any early upside for the markets.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. China's Shanghai Composite Index advanced by 0.8 percent, while Australia's S&P/ASX 200 Index jumped by 1.8 percent.

The major European markets have also moved to the upside on the day. While the French CAC 40 Index has risen by 0.4 percent, the U.K.'s FTSE 100 Index is up by 0.3 percent and the German DAX Index is up by 0.2 percent.

In commodities trading, crude oil futures are climbing $0.55 to $41.77 a barrel after sliding $0.73 to $41.22 a barrel last Friday. Meanwhile, after plunging $41.40 to $2,028 an ounce in the previous session, gold futures are jumping $10.90 to $2,038.90 an ounce.

On the currency front, the U.S. dollar is trading at 106.06 yen versus the 105.92 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.1761 compared to last Friday's $1.1787.

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