S&P 500 Futures Climb to New Record as Energy, Materials Lead

S&P 500 Index

"Armenpress" reports the value of Dow Jones up by 0.31% to 21640.75 points, S&P 500 up by 0.54% to 2473.83 points, Nasdaq up by 0.64% to 6385.04 points. Rising oil prices and corporate earnings drove some of the day's biggest moves.

Nine of the 11 major S&P 500 sectors were higher, with the energy index.SPNY and health sector.SPXHC leading the advancers.

Last week's strong surge in the equity markets likely means that investors are betting that interest rates will remain lower for longer-than expected. "I'm not as convinced on that", he said.

"If you look at the sector, it isn't all that overvalued compared to the broader S&P index, except for a few names".

The Nasdaq Composite .IXIC was up 37.60 points, or 0.59 percent, at 6,381.91.

-Australia's S&P/ASX 200 index rose 0.8 percent as bank shares climbed.

The S&P 500 tech sector broke its previous record closing high that had held since March 2000 in the midst of the dot-com and Y2K tech stocks bubble era.




The Dow is up 1,849.18 points, or 9.4 percent. Mainland Chinese markets were seeing small gains, with the Shanghai Composite up 0.12% and the Shenzhen Composite trading higher by 0.67%.

Overall earnings in the second quarter are expected to grow by 7.9 per cent from the same period past year, which would be an increase of 5.6 per cent excluding the energy sector, according to Thomson Reuters I/B/E/S estimates. Tech stocks added 0.6%, a day after streaming giant Netflix, classified in the S&P 500 as a consumer stock but often associated with technology shares, had its best day of 2017.

Earnings season has gotten off to a solid start.

"We've seen quite a strong earnings period, not just in the USA but in Europe and emerging markets", said Mouhammed Choukeir, chief investment officer at Kleinwort Hambros.

In Asia, shares gained slightly on Thursday in morning session as investors awaited decisions from the Bank of Japan, Bank Indonesia and the European Central Bank. The Stoxx Europe 600 index advanced following its largest drop this month.

"Draghi is not really committing to anything but it seems that they are headed to a September announcement which they have to be because the current QE is expected to expire in December", said Peter Boockvar, chief market analyst at The Lindsey Group, in a note. "People are really watching to see if he strikes a more dovish tone".

Apple (AAPL) and three of the four FANG stocks traded higher ahead of the open.

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