Futures are rallying

Stocks are adding to their gains following the second-best day of the year for the Dow and the S&P 500.

Near 7:08 a.m. ET, Dow futures were up 179 points, S&P 500 futures were up 19 points, and Nasdaq futures were up 49 points. On Tuesday, the major indexes closed more than 2% higher.

Stock markets are rallying across the globe, but none like Japan’s. The benchmark Nikkei index closed up 7.7%, a 1,000-point gain on its biggest day in nearly seven years.

The big move higher came after prime minister Shinzo Abe won a new three-year term as his political party’s leader, and vowed to cut corporate taxes by at least 3.3 percentage points next year.

China’s stock market also rallied again, with the Shanghai Composite up 2%. Yesterday, China’s finance ministry said it will speed up “proactive fiscal policy and related measures” to support the economy.

The Job Openings and Labour Turnover Survey is on the US economic calendar today. It’s one of Federal Reserve chair Janet Yellen’s favourite labour market indicators, and is definitely one to continue watching ahead of the FOMC’s interest rate decision next week.

Today is also Apple event day, and it’s anticipated that the company will unveil a new flagship iPhone. You can read a full preview here. Apple’s stock was a hair higher ahead of the market open, up 1%.

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