March S&P 500 E-Mini futures (ESH24) are up +0.18%, and March Nasdaq 100 E-Mini futures (NQH24) are up +0.11% this morning as optimism about interest rate cuts from the U.S. Federal Reserve next year continued to underpin sentiment, with investors bracing for the release of fresh data on the U.S. housing market.
In Monday’s trading session, Wall Street’s major indexes closed higher, with the benchmark S&P 500 rising to a 23-month high and the tech-heavy Nasdaq 100 notching a 2-year high. United States Steel Corporation (X) soared over +26% after Nippon Steel Corp said it would buy the company for $14.1 billion. Also, Netflix Inc (NFLX) rose about +3% after Morgan Stanley raised its price target on the stock to $550 from $475. In addition, Adobe Systems Incorporated (ADBE) gained over +2% following its decision to terminate the $20 billion merger agreement with Figma Inc. due to regulatory hurdles in the U.K. and Europe. On the bearish side, VF Corporation (VFC) plunged more than -7% after the Vans sneaker maker reported a cyberattack impacting its ability to fulfill some orders ahead of the holidays. The company said hackers encrypted “some” systems and stole personal data.
