Stocks may take a breather after two days of huge gains – Fox Business

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Following two huge days of gains, stocks may take a breather today.

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As of 3:20 am ET,  Dow futures were lower by 136 points or 0.57  percent to 24,444. S&P 500 futures were down by 13 points or 0.52 percent to 2,641, while Nasdaq futures fell by 29 points or 0.44percent to 6,504.

This follows a day that saw the Dow surge more than 400 points. Shares of equipment makers and steel producers rallied after the Trump administration rolled out a $1.5 trillion plan to boost spending on infrastructure.

Caterpillar (CAT) rose 2.1%, while U.S. Steel (X) jumped 5.8%. Other top gainers included Deere (DE), AK Steel Holding (AKS) and U.S. Concrete (USCR), companies that stand to benefit from increased infrastructure spending.

The U.S. rally carried over to Asian markets where stocks came off two-month lows.

Hong Kong’s Hang Seng index was up 379.90 points or 1.29 percent at 29,839.53.

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South Korea’s KOSPI climbed 0.65 percent. China’s Shanghai Composite was 1 percent higher.

Japan’s Nikkei returned from Monday’s holiday to start the day higher, but lost steam to end 0.7 percent lower at 21,244.68 points, its lowest closing level since mid-October.

In Europe, London’s FTSE, France’s CAC and Germany’s DAX all traded lower.

The 10-year Treasury yield trimmed back to 2.849 percent after rising to a four-year peak of 2.902 percent on Monday.