Stock Market News: Dow Futures Rising After Trump Appoints Bessent Treasury Secretary
Stock futures were pointing to further gains on Monday, with the market cheered by President-elect Donald Trump choosing Wall Street veteran Scott Bessent to head up the Treasury Department.
Futures tracking the Dow Jones Industrial Average climbed 286 points, or 0.6%, after the index eked out another record close Friday. S&P 500 futures rose 0.5%, and Nasdaq 100 futures were up 0.6%.
Investors are feeling bullish about Trump nominating Bessent. The hedge fund manager is expected to support Trump’s plans to hike tariffs and slash taxes, but is also expected to encourage the president-elect to rein in government spending in a bid to address the mounting U.S. deficit.
Bessent’s nomination “could be a catalyst for a year end rally, which is typically a strong period for risk sentiment and stock markets,” XTB research director Kathleen Brooks wrote. She added that investors see the former Soros Fund Management partner “as an antidote to Trump’s most extreme economic views.”
Oil prices slipped as traders continued to weigh up how the wars in Ukraine and the Middle East will affect supply. The Brent international benchmark fell 0.9% to $73.97 a barrel, and West Texas Intermediate U.S. prices were down 0.9% to $70.59 a barrel.
Bond yields retreated slightly over the weekend. The yield on the benchmark 10-year U.S. Treasury note was 4.34%, and the yield on the 2-year note was 4.36%.