US Futures Indicate Wall Street’s Rally Will Continue – Europe Market Wrap

US equities appeared to be poised to build on their recent surge to record highs, as Trump’s victory in the US presidential campaign piqued investors’ demand for US assets.

Futures pointed to a 0.3% gain for the S&P 500, which notched its 50th record high of the year on Friday, while the Nasdaq 100 was expected to advance by a similar amount. Tesla was the day’s biggest premarket gainer, rising up to 7.3%. On Friday, its price reached $1 trillion, as investors believe a Trump presidency will benefit Musk’s company.

Crypto-linked equities also rose in premarket trade, with Bitcoin surpassing $81,000 for the first time on the potential of a Republican-led Congress with crypto-friendly lawmakers. While US bond markets were closed for a holiday, the Dollar gained 0.3% against a basket of currencies, extending its six-week winning streak.

While Trump’s promise to put steep tariffs on trading partners has weighed severely on European stocks, the Stoxx 600 index has recovered after three weeks of falls. The measure increased by 0.9%, with all industrial groupings rising as the mood was raised by a wave of strong company earnings, notably those from German tiremaker Continental and insurance provider Hannover.

Oil recovered losses to trade flat as China’s latest efforts disappointed markets. Iron ore prices have fallen towards $100 per tonne.