By Barbara Kollmeyer, MarketWatch
Speech from Fed's Fischer among the Monday highlights
Stock futures indicated a mostly cautious, but tepidly higher, start for Wall Street on Monday, with a speech from Federal Reserve Vice Chair Stanley Fischer likely to draw attention as investors search for direction in a holiday-shortened week of trading.
Away from stocks, oil prices rose on hopes of an agreement to cut production this month, while the dollar appeared to step back from its run higher.
The Dow Jones Industrial Average futures was 10 points, or less than 0.1%, higher at 18,863, while S&P 500 index futures rose 3.95 points, or 0.2%, at 2,184.75. Nasdaq-100 added 12.25 points, or 0.2%, to 4,820.75.
Possibly setting the tone, U.S. stocks finished lower on Friday (http://www.marketwatch.com/story/dow-hovers-near-record-high-but-dollar-strength-could-stand-in-the-way-2016-11-18), though major indexes extended gains for a second week. The S&P 500 , the Dow industrials and the Nasdaq Composite all closed the session 0.2% lower.
Since Election Day and the surprise presidential election win for Donald Trump, the Dow has climbed 2.9%, the S&P 500 has gained 2%, and the Nasdaq has risen 2.5%.
Read: How Trump's latest potential hires could send the stock market 'through the roof' (http://www.marketwatch.com/story/how-trumps-latest-potential-hires-could-send-the-stock-market-through-the-roof-2016-11-21)
"It is becoming clear that market participants have digested the Trump reality with most waiting for furthernews relating to Trump's economic team which could provide additional clarity on how he plans to lead the U.S. economy," said Lukman Otunuga, FXTM research analyst in a note.
A pause for reflection could come in a week where volume traditionally thins out as traders head out for the Thanksgiving Day holiday (http://www.marketwatch.com/story/heres-when-markets-close-on-black-friday-2016-11-18). Markets will shut Thursday and then close early on Black Friday, the traditional kickoff to holiday shopping.
Read:Investors to digest stock market feeding frenzy before their turkey (http://www.marketwatch.com/story/investors-to-digest-stock-market-feeding-frenzy-before-their-turkey-2016-11-19)
Economic docket: Just one key report is expected Monday--the Chicago Fed national activity index due at 8:30 a.m. Eastern Time. The bulk of the week's economic indicators are expected Wednesday, which brings an update on durable-goods orders and the minutes of the latest Federal Open Market Committee meeting.
The Fed's Fischer is scheduled to speak on longer-term challenges for the U.S. economy in New York at 8 a.m. Eastern Time. Investors are largely convinced the Fed will raise interest rates at its December meeting, a factor that has been driving the U.S. dollar higher.
Read:Trump's challenge: Get businesses to invest again (http://www.marketwatch.com/story/trump-challenge-get-businesses-to-invest-again-2016-11-20)
But the dollar eased slightly on Monday. The ICE Dollar Index , which measures the currency against a basket of six currencies, fell to 100.96, or 0.2%, lower from 101.28 on Friday.
Stocks to watch:Symantec Corp.(SYMC) has agreed to acquire LifeLock Inc.(LOCK), a seller of identity-theft protection services, for $2.3 billion in cash, The Wall Street Journal reported (http://www.marketwatch.com/story/symantec-to-purchase-lifelock-in-23-billion-cybersecurity-deal-2016-11-20), citing a source. Shares of LifeLock jumped 14% in premarket trading.
Wal-Mart Stores Inc.(WMT) said Monday that it will offer its Cyber Week sales several days early, (http://www.marketwatch.com/story/wal-mart-unveils-plans-for-early-cyber-monday-2016-11-21) starting Friday.
Facebook Inc.(FB) said it would hire an additional 500 employees (http://www.marketwatch.com/story/facebook-will-expand-staff-by-500-in-uk-reports-2016-11-21) in the U.K., according to media reports.
Tyson Foods Inc.(TSN) will report results ahead of the market's open.
Australia's Boral Ltd.(BLD.AU) announced a $1.86 billion deal to acquire Utah-based building products company (http://www.marketwatch.com/story/australias-boral-buys-utah-based-headwaters-for-186-billion-2016-11-20)Headwaters Inc. (HW). Boral said it wanted to increase exposure to "positive momentum" being seen by the U.S. industry, driven by hopes for more infrastructure spending by Trump. Headwaters shares rose 18% in premarket.
Other markets:West Texas Intermediate crude-oil futures (http://www.marketwatch.com/story/push-for-a-deal-ahead-of-opec-meeting-rallies-crude-prices-2016-11-21) rose 90 cents, or 1.9%, to $47.25 a barrel. The rise in oil prices came after Russian President Vladimir Putin reportedly said Sunday that he was optimistic about a output-cut deal at the Organization of the Petroleum Exporting Countries meeting on Nov. 30. He also said his country was ready to freeze production if asked.
"While loose terms may be agreed, I remain skeptical that a full detailed agreement can be both achieved and carried out by OPEC given the clear differences that are so evident between certain key members," said Craig Erlam, senior market analyst at OANDA, in a note to clients.
European stocks saw a largely flat open, while Asian finished mixed (http://www.marketwatch.com/story/asian-stocks-rise-on-encouraging-economic-news-2016-11-20). Gold prices rose modestly, up $5.30, or 0.4%, while December copper rose 5 cents, or 2.2%, to $2.5225 a pound.
(END) Dow Jones Newswires
November 21, 2016 07:58 ET (12:58 GMT)
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