Stock index futures rose on Monday, as markets reopened after Former President Donald Trump was the target of an apparent assassination attempt Saturday at a Pennsylvania rally.
S&P 500 futures (SPX) +0.4%, Nasdaq 100 futures (US100:IND) +0.4% and Dow futures (INDU) +0.5%. See how Treasury yields have done across the curve on the Seeking Alpha bond page.
The 10-year Treasury yield (US10Y) rose 3 basis points to 4.22%. The 2-year yield (US2Y) fell 1 basis point to 4.45%.
Trump was injured but said he was “fine” after a barrage of gunfire set off panic, and a bloodied Trump, who said he was shot in the ear, was surrounded by Secret Service and hurried to his SUV.
“The shooting at former U.S. President Trump’s election rally during the weekend has provoked only a limited market reaction,” UBS’ Paul Donovan said.
“Markets are concerned about policy probabilities, and while individuals may condemn acts of violence against political candidates, they will not necessarily change their policy projections,” Donovan added.
U.S. stocks on Friday had rebounded from their fall in the previous session to end the week on a strong note, helped by a bounce back in megacap technology names and more encouraging developments on the inflation front.
“Also of note will be the stock market after a fascinating week last week where the Mag-7 underperformed the index,” Deutsche Bank’s Jim Reid said.
“So if tech does see a correction, the market will likely go down given their size, but several sectors could rally notably,” Reid added.
Traders will keep their eyes peeled for more earnings over the week, with banking giant Goldman Sachs (GS) expected to report today.
On the economic front, the July Empire State manufacturing index will land before the bell, and is expected to come in at -5.50.
Federal Reserve Chairman Jerome Powell will participate in an interview hosted by the Economic Club of Washington later in the day.