Wall Street Upbeat as Bessent Named Treasury Secretary

Wall Street's main indexes are set to open higher following the nomination of Scott Bessent as Treasury Secretary by the incoming Trump administration. This decision has fueled investor optimism and could lead to measures that moderate tariffs and control government borrowing.

Wall Street's main indexes appeared set for an optimistic opening on Monday, bolstered by investor confidence after Scott Bessent was nominated as Treasury Secretary in the forthcoming Trump administration. Bessent's nomination, announced by President-elect Donald Trump on Friday, has sparked discussion around potential changes to fiscal and trade policies.

As of 08:42 a.m. ET, Dow E-minis surged 348 points, or 0.78%, while S&P 500 E-minis rose by 34.75 points, or 0.58%. Similarly, Nasdaq 100 E-minis increased by 121.25 points, or 0.58%. The yield on 30-year Treasury bonds experienced a decline, enhancing optimism around the small-caps index, which saw a 1.2% rise.

The nomination instills hope that Bessent might adopt a moderate stance on tariffs, aiming to avoid inflationary trends that could provoke a shift in the Federal Reserve's current monetary policy. Goldman Sachs saw a 1.4% gain premarket, with Alphabet and Amazon.com also witnessing growth. Investors will closely monitor upcoming Federal Reserve policy moves and key economic reports during Thanksgiving week.

(With inputs from agencies.)