US Stock Futures Creep Higher After Clinton-Trump Debate, Crude Falls

New York (Sept 27)  Stock futures crept higher on Tuesday following the first of three presidential debates, though a drop in crude oil capped gains.

S&P 500 futures were up 0.28%, Dow Jones Industrial Average futures gained 0.29%, and Nasdaq futures added 0.29%.

Republican presidential candidate Donald Trump and Democratic presidential candidate Hillary Clinton duked it out at Hofstra University in Hampstead, N.Y., for the first of three debates before voters head to the polls on Nov. 8. The debate grew highly contentious over issues of jobs growth, national security and even birtherism but media and Twitter reaction suggested Clinton came out on top.

Worries over which regulations and economic policies the two candidates might push at the debate led to a market selloff on Monday. The S&P 500, Dow, and Nasdaq accelerated losses throughout the day before closing nearly 1% in the red.

The currency markets bounced on Tuesday as traders worried over U.S. trade deals showed relief after Clinton's debate win. Mexico's peso jumped 1.7% on Monday morning, coming back from gains as high as 2.3% earlier in the session. The peso had recently slumped to an all-time low as fears over a Trump presidency rattled the country's exports market. The U.S.'s other border, Canada, had a more stable currency reaction with the Canadian dollar trading flat. 

Crude oil prices fell back from a massive rally a day earlier as skepticism grew over whether oil producers can agree upon a production freeze. At the three-day International Energy Forum in Alergia, Iran committed to pumping even more oil as it gears back up after sanctions were lifted last year. Saudi Arabia Energy Minister Khalid al-Falih also noted that discussions at the meeting were merely "consultative." Hopes were high that Organization of Petroleum Exporting Countries could come to an agreement on the sidelines of the forum.

Source: TheStreet