US Stock Futures Set Up for Record Open as Crude Oil Levels Off

New York (Nov 22)  Stock futures climbed Tuesday morning, setting up equities for further record gains, as crude oil stabilized after a massive surge.

S&P 500 futures were up 0.25%, Dow Jones Industrial Average futures added 0.26%, and Nasdaq futures rose 0.46%.

Wall Street scored a trifecta of record closes on Monday as a crude oil rally gave stocks an across-the-board boost. The S&P 500, Dow, and Nasdaq each scored their own record close, the first time all have done so on the same day since mid-August. The three had previously closed at records simultaneously back in 1999.

Crude oil prices surged on Monday after Russian President Vladimir Putin suggested a willingness to agree to a production freeze deal with Organization of Petroleum Exporting Countries. OPEC officials are currently meeting in Vienna to discuss terms of a deal. Members will meet again in Vienna on Nov. 30 to vote on the deal. A Nigerian delegate told The Wall Street Journal that members should be on board with the terms "by the end of the day."

Oil prices have fluctuated as hopes over an OPEC deal rose and signs of a global supply glut exacerbated by record production from the world's largest oil producers continued. OPEC aims to limit production to 32.5 million to 33 million barrels a day. The bloc reached a record 33.83 million barrels a day last month.

West Texas Intermediate crude for January dipped slightly to $48.2 a barrel on Tuesday morning.

Hormel Foods (HRL) rose 3% in premarket trading after reporting a solid outlook for its fiscal 2017. The owner of Skippy peanut butter expects full-year profit between $1.68 and $1.74 a share, higher than consensus of $1.68. Fiscal organic sales are expected to grow 5%, driven by growth in its grocery products unit and its Jennie-O Turkey Store business.

Source: TheStreet