Following the mixed performance seen last week, stocks are likely to move to the upside in early trading on Monday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 195 points.
The upward momentum on Wall Street comes after Senate Republicans narrowly approved a massive tax reform bill early Saturday morning.
The Senate voted 51 to 49 in favor of the bill known as the Tax Cuts and Jobs Act, with the vote largely coming down along party lines.
Senator Bob Corker, R-Tenn., was the only Republican to vote against the bill amid concerns about the legislation’s impact on the budget deficit.
“With the great vote on Cutting Taxes, this could be a big day for the Stock Market – and YOU!” President Donald Trump said in a post on Twitter.
With the vote to approve the bill, lawmakers from the Senate and House will need to go to conference to work out differences in the bills passed by the two chambers.
Shortly after the start of trading the Commerce Department is scheduled to release its report on new orders for manufactured goods in the month of October. Factory orders are expected to climb by 0.6 percent.
After falling sharply in late morning trading, stocks climbed well off their worst levels of the day but still ended the day modestly lower. The Dow and the S&P 500 pulled back off the record closing highs set in the previous session.
The major averages all finished the session below the unchanged line. The Dow slipped 40.76 points or 0.2 percent to 24,231.59, the Nasdaq fell 26.39 points or 0.4 percent to 6,847.59 and the S&P 500 dipped 5.36 points or 0.2 percent to 2,642.22.
For the week, the major averages turned in a mixed performance. While the Nasdaq slid by 0.6 percent, the Dow surged up by 2.9 percent and the S&P 500 jumped by 1.5 percent.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Monday. Japan’s Nikkei 225 Index fell by 0.5 percent, while Hong Kong’s Hang Seng Index rose by 0.2 percent.
Meanwhile, the major European markets have all moved to the upside on the day. While the U.K.’s FTSE 100 Index has risen by 0.5 percent, the French CAC 40 Index and the German DAX Index are up by 1.2 percent and 1.6 percent, respectively.
In commodities trading, crude oil futures are falling $0.47 to $57.89 a barrel after jumping $0.96 to $58.36 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,277.20, down $5.10 from the previous…