Investing.com - Wall Street futures moved higher on Tuesday, supported by a rise in oil prices amid growing hopes for a global production freeze deal and as global optimism following Donald Trump’s election continued to boost market sentiment.
The blue-chip Dow futures were up 0.28%, the S&P 500 futures rose 0.27%, while the tech-heavy Nasdaq 100 futures gained 0.42%.
Global equities remained supported by hopes President-elect Donald Trump’s plans to ramp up fiscal spending and cut taxes will spur economic growth and inflation.
Meanwhile, oil prices continued to rise for a second consecutive session amid speculation OPEC will be able to sign a production freeze deal as soon as next week.
Russian President Vladimir Putin said on Monday that he sees a “high probability” that an agreement to curb oil production will be reached at a meeting later this month.
The energy sector was expected to be in focus, as Exxon Mobil (NYSE:XOM) shares added 0.13% in pre-market trade, while rival Chevron (NYSE:CVX) edged up 0.15%.
Tyson Foods (NYSE:TSN) was also slated to move, as shares rose 0.24% in after-hour trading on Monday, after plunging over 14% during the regular trading session when the group reported weaker-than-expected quarterly results.
In company news, security software maker Symantec (NASDAQ:SYMC) agreed to buy identity theft and fraud protection company Lifelock Inc (NYSE:LOCK) for $2.3 billion on Monday. LifeLock shares surged over 14% following the news and could potentially move further on Tuesday.
Sunoco Logistics Partners LP (NYSE:SXL) edged up 0.12% pre-market after the oil transport company agreed to buy Energy Transfer Partners LP (NYSE:ETP) in an all-stock deal worth about $20 billion this week.
Later Tuesday, the U.S. was set to release data on existing home sales.