U.S. stock index futures rose on Thursday as the strong rally in 2019 was set to continue in the first trading day of the new year.
Dow Jones Industrial Average futures were up 154 points, indicating a gain of 149 points at the open. S&P 500 and Nasdaq 100 futures also pointed to solid gains to start off the session.
"Equities begin [2020] on firm ground building on the momentum from last year," said Gregory Faranello, head of rates at AmeriVet Securities, in a note. But "it's hard to imagine 2020 offering the same type of returns of last year."
Thursday's gains come after Wall Street booked a strong 2019 performance on Tuesday, with the S&P 500 rising 28.9% in the year. That was the broad index's biggest annual gain since 2013, when it surged 29.6%. The Dow, meanwhile, climbed 22.3% while the Nasdaq Composite skyrocketed more than 35%.
Sentiment was lifted Thursday after the People's Bank of China lowered the amount of reserve cash the country's banks need to support the economy. This move will inject about 800 billion yuan in liquidity to the Chinese economy.
Chinese stocks rose broadly on the announcement, with global equity markets following them. In Europe, the German Dax rose 0.9% while the French CAC 40 jumped 1.2%.
But while global stocks are off to a good start for 2020, investors will remain tracking trade developments as well as political risks.
President Donald Trump said Tuesday that he will be signing a first phase trade deal with China on Jan. 15 at the White House. The president also announced that he will be going to Beijing at a later date when phase two talks begin.
On the data front, jobless claims numbers are due at at 8:30 a.m. ET and manufacturing PMIs at 9:45 a.m. ET.
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January 02, 2020 at 02:09PM
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Dow futures jump more than 150 points as Wall Street's monster 2019 rally extends into the new year - CNBC
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