US futures were little changed and the dollar index fluctuated between modest losses and gains on Monday as concerns about political turmoil in Washington abated.S&P 500 futures were down 0.01 per cent to 2,381.25, while Dow futures were up 0.04 per cent to 20,796. Meanwhile Nasdaq 100 futures were up 0.08 per cent to 5,568.
As Donald Trump arrived for his first official visit to Israel, futures suggest a steadier open for Wall Street after heightened scrutiny the US president has attracted over the firing of FBI director James Comey and a probe into the Trump administration’s ties with Russia. Events last week raised concerns about the White House’s ability to push through its pro-growth policies and rattled markets last week.
The dollar index, a measure of the buck against a basket of six major world currencies, was down 0.1 per cent at pixel time. Meanwhile, the yield on the US 10-year Treasury note, which moves inversely to price, was up 1.6 basis points (0.016 percentage points) 2.248 per cent.
Elsewhere, oil prices ticked higher on hopes that Saudi Arabia-led Opec and Russia will agree to extend their output cuts when they meet later this week. West Texas Intermediate, the US crude marker, was up 0.8 per cent to $50.74 a barrel at pixel time, while Brent crude, the global oil marker, rose 0.8 per cent to $54.06 a barrel.
Despite the quiet economic and corporate calendar in the US on Monday investors have a lot to digest this week. Mr Trump continues his first foreign visit having departed Saudi Arabia for Israel, where he is expected to attempt to address the Israeli-Palestinian peace process. And later this week he will attend a Nato summit and a meeting of G-7 leaders.
The week also brings the minutes of the Federal Reserve’s monetary policy meeting earlier this month and speeches from a handful of Fed speakers ahead of the June meeting, where markets anticipate another rate rise.