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Asia-Pacific markets are set to rise across the board, as markets rally despite pressures from the attack on Israel by Palestinian militant group Hamas.
In Australia, the S&P/ASX 200 climbed 0.73% in early trade, extending gains from Monday and moving above the 7,000 mark.
Japan's Nikkei 225 is also set for a stronger open as it returns from a public holiday, with the futures contract in Chicago at 31,320 and its counterpart in Osaka at 31,270 against the index's last close of 30,994.67.
Futures for Hong Kong's Hang Seng index stood at 17,658, pointing to a positive open compared with the HSI's close of 17,517.4. Hong Kong experienced a shortened trading day of just two hours Monday after the city canceled its morning session due to a typhoon warning.
Overnight in the U.S., all three major indexes reversed losses in the earlier part of the trading day to gain ground. The Dow Jones Industrial Average was higher by 0.59%, while the S&P 500 gained 0.63%. The tech-heavy Nasdaq Composite added 0.39%.
— CNBC's Pia Singh and Brian Evans contributed to this report.
All sectors end Monday higher, led by gains in energy and industrials
All sectors ended Monday in the green, led by gains in energy and industrials, which closed higher by 3.5%, and 1.6%, respectively. Oil and natural-gas prices jumped during the day, driven by Hamas' attack on Israel and Israel's ensuing battle against the Hamas militants, leading to concerns about the region's oil supply.
Halliburton was the biggest energy winner, with the stock popping 6.8%, followed by Marathon Oil Corp and ConocoPhillips.
Along with oil and gas giants, major defense companies also jumped amid the Middle East conflict. Defense tech and aerospace giants Northrop Grumman Corp and L3Harris Technologies led industrials higher, adding 11.4% and 9.9%, respectively. Lockheed Martin also climbed 9.9%.
The real estate sector gained 1.3%, while utilities added 1%.
— Pia Singh
The likelihood of a November rate hike falls
The odds of another rate hike from the Federal Reserve in November is falling, according to the CME FedWatch Tool.
Markets are pricing in an 86% likelihood on Monday that the Federal Reserve will hold rates steady at next month's policy meeting. That's up sharply from a 72.9% chance on Friday.
— Sarah Min
Gold, the dollar and U.S. Treasuries catch a Monday safety bid
Gold futures, the U.S. dollar and U.S. Treasuries all rose in early trading Monday as investors sought what are perceived to be safe ports in a world of increased violence, expanding defense budgets and uncertain inflation.
Gold rallied about $28 the ounce to $1859.80, up 1.53%, according to FactSet.
The DXY Index that measures the value of a dollar against six global currencies, but mostly the euro and the yen, rose as high as 0.4712% Monday, to 106.60.
Although the bond market is closed for Columbus Day, 10-year Treasury futures added about 0.67%, the five-year gained 0.50% and the two-year by 0.20%.
— Scott Schnipper
English (US)