How to take advantage of the ‘reopening trade’
Ladenburg Thalmann Asset Management CEO Phil Blancato discusses reopening stock winners and losers.
U.S. equity futures are trading higher ahead of the Wednesday Wall Street session.
Continue Reading Below
The major futures indexes suggest a slight gain.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The U.S. House of Representatives voted late Tuesday to pass a resolution urging Vice President Mike Pence to invoke the 25th Amendment to remove President Trump from office.
The vote (223-205) was seen as symbolic because Pence has already said he would not take the action. The House is expected to vote to impeach the president Wednesday.
Analysts suggested investors were more focused on President-elect Joe Biden's economic stimulus plans after he takes office next week than on the aftermath of last week's turmoil.
HOUSE PASSES RESOLUTION URGING PENCE TO INVOKE 25TH AMENDMENT
Investors will be an inflation report before trading begins. The Bureau of Labor Statistics is expected to say that consumer prices rose 0.4% in December, double the 0.2% increase in November. On a year-over-year basis, watch for prices to increase 1.3%, up slightly from November’s 1.2% rise.
In Europe, London's FTSE is up 0.1%, Germany's DAX gained 0.1% and France's CAC is higher by 0.4%.
In Asia, Japan's Nikkei 225 advanced 1%, the Hang Seng in Hong Kong shed 0.2% and China's Shanghai Composite lost 0.3%.
Investor hopes have been boosted by the rollout of coronavirus vaccines. Markets have risen despite a spike in case numbers in the United States and some other countries.
|I:DJI||DOW JONES AVERAGES||31068.69||+60.00||+0.19%|
|I:COMP||NASDAQ COMPOSITE INDEX||13072.433901||+36.00||+0.28%|
In the United States, those hopes have been encouraged by the shift in control of the Senate from Republicans to Biden's Democratic Party. That might reduce the likelihood of political opposition if Biden introduces a more ambitious stimulus plan. He has said he will release details Thursday.
On Tuesday, the S&P 500 rose to 3,801.19. The Dow Jones Industrial Average gained 0.2% to 31,068.69. The Nasdaq composite added 0.3% to 13,072.43.
CLICK HERE TO READ MORE ON FOX BUSINESS
In energy markets, benchmark U.S. crude rose 13 cents to $53.34 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 96 cents on Tuesday to $53.21. Brent crude, used to price international oils, gained 6 cents to $56.64 per barrel in London. It gained 92 cents the previous session to $56.58.
The Associated Press contributed to this article.
Source: Read Full Article