US Equity Index Futures edged higher yesterday in the wake of a victory by the centrist candidate in the closely watched presidential French election, suggesting the benchmark S&P 500 may push further into record territory when trading reopens today morning.
S&P 500 e-mini Futures were last up fractionally after electronic trading reopened for the week late on Sunday afternoon. Futures initially ticked about 0.2% higher but have since pared some of the gain.
The move came after independent centrist Emmanuel Macron, who favors keeping France inside the European Union, was elected the country’s president, easily beating back a challenge from EU critic Marine Le Pen. Last Friday, the S&P 500 marked a record-high close, as Energy Stocks bounced back along with Oil prices and the government reported US job growth had rebounded in April.
Macron’s victory was seen as a supporting factor for global equity markets that have had some concern about the tide of nationalism and protectionism in recent political contests on both sides of the Atlantic.
Macron had secured more than 65% of the vote to Le Pen’s 34.5% with 45 million ballots counted out of 47 million registered French voters.