NEW YORK (AP) — Futures on Wall Street rose Monday and bitcoin traded above $82,000 for the first time, following a record-breaking week. European markets powered higher but Asian stocks fell as China’s stimulus package disappointed investors.
U.S. shares were poised to open higher, with futures for the S&P 500 up 0.4% and those for the Dow Jones Industrial Average up 0.4%.
Bitcoin hit a fresh record, rising to $82,493 in early trading, according to Coindesk. The most popular digital token has been extending a rally that began after the reelection of former President Donald Trump, who has embraced cryptocurrencies and pledged to make the United States the world crypto capital.
Shares of Trump Media & Technology Group rose 7.5% as Trump starts his transition back to the White House in earnest.
Tesla shares added 7% after gaining 29% last week. CEO Elon Musk backed Trump's run for reelection and is reportedly advising him during the transition.
Humana shares tumbled 7% in the premarket after Cigna said it was not pursuing a merger with its rival health insurer. Cigna reaffirmed its previous financial guidance and its shares rose 8.3%.
In Europe at midday, Germany’s DAX rose 1.42%, Paris’s CAC 40 gained 1.24% and Britain’s FTSE 100 added 0.75%.
In Asia, China approved a 6 trillion yuan ($839 billion) plan during a meeting of its national legislature Friday. The long-anticipated stimulus is designed to help local governments refinance their mountains of debt in the latest push to rev up growth in the world’s second-largest economy.
“It’s not exactly the growth rocket many had hoped for. While it’s a substantial number, the stimulus is less about jump-starting economic growth and more about plugging holes in a struggling local government system,” Stephen Innes of SPI Asset Management said in a commentary.
Meanwhile, China’s inflation rate in October rose 0.3% year-on-year, according to the National Bureau of Statistics on Saturday, marking a slowdown from September’s 0.4% increase and dropping to its lowest level in four months.
The Hang Seng fell 1.5% and the Shanghai Composite picked up from the losses in morning trading and ended 0.5% higher.
Japan’s benchmark Nikkei 225 hovered between gains and losses and closed less than 0.1% higher. Australia’s S&P/ASX 200 dipped 0.4% and South Korea’s Kospi fell 1.2%.
On Friday, the S&P 500 rose 0.4% to 5,995.54, and had its biggest weekly gain since early November 2023. It briefly crossed above the 6,000 level for the first time. The Dow Jones Industrial Average climbed 0.6% Friday, while the Nasdaq composite added 0.1%.
The bond market is closed Monday in observance of Veterans Day.
The yield on the 10-year Treasury slipped to 4.30% Friday from 4.33% late Thursday. But it’s still well above where it was in mid-September, when it was close to 3.60%.
Treasury yields climbed in large part because the U.S. economy has remained much more resilient than feared. The hope is that it can continue to stay solid as the Federal Reserve continues to cut interest rates in order to keep the job market humming, now that it’s helped get inflation nearly down to its 2% target.
Some of the rise in yields has also been because of Trump. He talks up tariffs and other policies that economists say could drive inflation and the U.S. government’s debt higher, along with the economy’s growth.
Traders have already begun paring forecasts for how many cuts to rates the Fed will deliver next year because of that. While lower rates can boost the economy, they can also give inflation more fuel.
In other dealings Monday, U.S. benchmark crude oil lost 8 cents to $70.30 per barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international standard, gave up 20 cents, to $74.07 per barrel.
The dollar rose to 153.79 Japanese yen from 152.62 yen. The euro edged down to $1.0684 from $1.0723.
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Zimo Zhong in Hong Kong contributed to this report.
