September 29, 2022

Futures notch fresh record highs as year-end rally continues

1 min read

REUTERS: U.S. stock index futures touched fresh record highs on Friday as optimism over U.S.-China trade tensions and an improving global economy brightened investor sentiment going into the new year.

Signaling resilience in the global economy, data showed China’s industrial profits grew at the fastest pace in eight months in November. The figures added to a slate of upbeat reports from the Asian country, including on industrial production and retail sales.

Robust U.S. economic data, relatively loose monetary policy and hopes of an imminent trade truce between Beijing and Washington have fueled a Wall Street rally this month.

The S&P 500, which has hit record highs in two of three sessions in a holiday-shortened week, is now about half a percentage point away from logging its best year since 1997.

All three major indexes posted record closing highs on Thursday, with the Nasdaq breaching the 9,000 mark for the first time.

Still, some analysts have sounded a cautious note, citing risks to earnings growth next year from lingering weakness in Chinese demand.

At 7:16 a.m. ET, Dow e-minis were up 93 points, or 0.32per cent. S&P 500 e-minis were up 8.25 points, or 0.25per cent and Nasdaq 100 e-minis were up 34.5 points, or 0.39per cent.

In scant individual movers premarket, shares of Tesla Inc were indicated at another record high after the carmaker said it would begin delivering its China-made Model 3 vehicles on Dec. 30.

(Reporting by Manas Mishra in Bengaluru; Editing by Saumyadeb Chakrabarty)