SHANGHAI, Dec 27 —This is a roundup of global macroeconomic news last night and what is expected today.
U.S. stock futures rose on Monday night as investors head into the final trading days of 2022, deliberating whether a Santa Claus rally will appear and lift a market that has been weighed down by recession fears.
Dow Jones Industrial Average futures rose by 157 points, or 0.47%. S&P 500 and Nasdaq 100 futures advanced 0.61% and 0.73%, respectively.
During the regular session Friday, the Dow Jones Industrial Average closed 176 points higher, or 0.5%. The S&P 500 rose 0.6%, and the Nasdaq Composite added 0.2%.
Friday marked the start of the time period for a Santa Claus rally, which is typically considered the final five-day trading stretch in the current year, as well as the first two trading days in the new year. Markets were closed Monday for the Christmas holiday.
Due to low trading volumes, investors are expecting either relative quiet or further volatility during the holiday-shortened week. Markets are closing out a month and year defined by a surge in recession fears.
In December, the S&P 500 dropped roughly 5.8%, while the Dow and Nasdaq dropped about 4% and 8.5%, respectively. These are the biggest monthly declines since September. The major averages are headed for their worst annual performance since 2008.
Oil prices rose by $2 per barrel on Friday after Moscow said it could cut crude output in response to the G7 price cap on Russian exports, putting the market on track for a second week of gains.
Brent crude was up by $2.22, or 2.7%, to $83.20 a barrel, while U.S. West Texas Intermediate (WTI) crude was at $79.43 a barrel, up $1.93, or 2.49%.
Russia may cut oil output by 5%-7% in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday.
