U.S. stock futures tick lower ahead of week that is set to be highlighted by a Federal Reserve interest rate decision and crucial inflation data. Elsewhere, Elliott Investment Management reportedly takes a stake in Southwest Airlines (NYSE:LUV) as the activist investor looks to spur on a turnaround in performance at the low-cost carrier.
This prompted French President Emmanuel Macron to call a snap legislative election, taking a gamble to try to reestablish his authority by calling after sharp gains by far-right political rival Marine Le Pen.
Oil prices edged up on Monday, buoyed by hopes of rising fuel demand this summer, though gains were capped by a strengthening of the dollar on receding expectations of imminent cuts to U.S. interest rates.
Bitcoin price steadied on Monday after a sharp fall over the weekend saw the cryptocurrency pull back from recent highs, with focus squarely on more key signals on U.S. interest rates.
Analysts analyzed performance over the past eight election cycles (since 1992) and found that bank stocks rose in six out of eight instances leading up to the elections (starting from the end of May), averaging a gain of 2.9% and outperforming the S&P 500 by 2.6 percentage points.
