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The central business district skyline at Marina Bay waterfront on May 10, 2023 in Singapore.
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Asia-Pacific markets are set to open higher on Tuesday, tracking gains on Wall Street as U.S. benchmarks notched record highs following President-elect Donald Trump's choice for Treasury secretary.
Australia's S&P/ASX 200 traded 0.14% higher in its first hour of trade, after hitting a new all-time closing high on Monday.
Japan's Nikkei 225 futures pointed to a stronger open for the market, with the futures contract in Chicago at 38,875 and its counterpart in Osaka at 38,830 compared to the previous close of 38,780.14.
Hong Kong's Hang Seng index futures were at 19,245, higher than the HSI's last close of 19,150.99.
Traders in Asia-Pacific will be monitoring the release of Japan's October services producer price index, and Singapore's manufacturing output for the same month. For the latter, Reuters' analysts expect a 2.2% year-on-year climb, compared to a 9.8% increase in September.
In the U.S., a rally in stocks propelled the Dow Jones Industrial Average, S&P 500, and the Russell 2000 index to reach new highs on Monday as investors cheered Trump's decision to nominate Scott Bessent, the founder of Key Square Group.
The blue-chip Dow rose 440.06 points, or 0.99%, to 44,736.57. The broad S&P 500 gained 0.3% to end at 5,987.37. Both hit new all-time highs in the session, while the Dow also notched a fresh record close. The Nasdaq Composite ticked up 0.27%, finishing the day at 19,054.84.
—CNBC's Alex Harring and Hakyung Kim contributed to this report.
Russell 2000 outperforms, hits new all-time high
Small-cap stocks saw outsized gains on Monday, continuing the recent trend and notching a new record.
The Russell 2000 climbed 2% in the session and notched a fresh all-time high, surpassing a prior record set in 2021. With that, the index is up about 6.5% compared to one week ago.
By comparison, the S&P 500 ticked up just about 0.3% in the session. Its one-week gain sits at just around 1.5%.
This outperformance can be attributed to expectations for the group to benefit under President-elect Trump. That is because of the Republican's preference for less regulation, which is a stance typically considered good for smaller firms.
Russell 2000 vs. S&P 500, 5-day
— Alex Harring
CNBC Pro: Barclays says these global stocks are ripe for share buybacks — and analysts give one 45% upside
European equity markets might look "gloomy" right now, but Barclays noted that one investment strategy has delivered "solid outperformance" over recent months.
"Buyback strategies remain a bright spot for Europe, with strong volumes and returns. Amid a gloomy equity market, our buyback announcement basket (BCEUBUYB) has outperformed by 4.6% since Oct," the investment bank's strategists wrote in a Nov. 21 research note.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
CNBC Pro: Hedge fund bets on a key oil and gas supply chain stock, expecting 300% upside
Shares of a critical player in the shallow water oil and gas drilling industry, have received renewed backing from a hedge fund, with potential projected returns of 300% to 400%.
The investment case is strengthened by several fundamental market dynamics, including a lack of supply with future demand expected to rise, according to the hedge fund manager.
CNBC Pro subscribers can read more here.
— Ganesh Rao
English (US)