U.S. Index Futures Inch Higher as U.K. Vote Fails to Roil MarketBy
U.S. stock-index futures drifted higher as investors globally took in stride a U.K. election that battered the ruling party in the world’s fifth-largest economy.
S&P 500 contracts expiring in September rose 0.1 percent to 2,432 as of 6:02 a.m. in New York. The benchmark rose less than 0.1 percent Thursday. Contracts on the Dow Jones Industrial Average today inched up 0.2 percent higher to 21,171. European stocks climbed, led Britain’s exporter-laded FTSE 100.
A gain in the U.S. on Friday would keep American shares trading at premium multiples to much of the world’s markets. The difference between the estimated price-to-earnings ratio of S&P 500 Index and that of the MSCI AC World Index excluding U.S. rose to the widest since April 27.
- U.K. Prime Minister Theresa May’s Brexit election play backfired as the Conservative Party lost its legislative majority. The vote put May’s future in doubt, while cast uncertainty over a functional government before formal talks start to separate from the European Union.
- Former FBI Director James Comey laid down a road map of questions for investigators to follow about Donald J. Trump’s conduct in testimony Thursday, neither exonerating nor convicting the president.
- The House voted to overhaul major parts of Dodd-Frank law and make sweeping changes to the financial regulatory system. The measure, which is heading to the Senate for a vote, would exempt banks from stricter supervision if they hold more capital, give Congress more authority over the CFPB and eliminate regulators’ authority to designate companies as systemically important.
- The gauge of investor anxiety known as the VIX fell 2.2 percent to 9.94, extending declines to a third day to approach a two-decade closing low of 9.75 that it reached earlier this month.
- Among the actively traded share in premarket, Nvidia Corp. climbed 2.5 percent as Citigroup said the stock may double over the next 12 months in a bull-case scenario.