Stock futures dipped on Monday after centrist Emmanuel Macron claimed victory in the French election, a result that was widely expected.
S&P 500 futures were down 0.13%, Dow Jones Industrial Average futures fell 0.14%, and Nasdaq futures slid 0.07%.
President-elect Macron won the French runoff election on Sunday in a decisive victory with 66% of the vote compared to Marine Le Pen's 34%. Macron had run on a platform of improving relations within the European Union and making the country more competitive in the global market.
Far-right nationalist Le Pen had called for stricter immigration laws and rejected France's position in the EU. Le Pen had frequently been compared to Donald Trump throughout the campaign. A win for Le Pen would have destabilized France's position in the EU and made the future of the bloc uncertain.
"The results are very positive from an economic standpoint and also bode well for the prospect of improving cross-border relationships within the eurozone," Todd Hedtke, chief investment officer, Allianz Investment Management -- US, wrote in a note. "From a capital markets perspective, this was the favored outcome and different from the Brexit vote or the U.S. election in that the polls had it right. Overall, the outcome of this event reduces uncertainty in Europe and paves the way for positive developments in the future."
European markets didn't rally, however, as the results were largely predicted. Polls heading into Sunday's vote indicated Macron had a wide lead over Le Pen. France's CAC 40 fell 0.86% on Monday, Germany's DAX declined by 0.25%, and the FTSE 100 in London climbed 0.1%.
Kate Spade (KATE) surged 10% in premarket trading after agreeing to be acquired by Coach (COH) . The handbag brand offered to purchase Kate Spade for $18.50 a share in cash, a deal valued at $2.4 billion and which represented a 9% premium to Kate Spade's closing price on Friday. The deal is expected to close in the third quarter and result in $50 million in synergies.
Jim Cramer and the AAP team trimmed their stake in Newell Brands ahead of the company's earnings report. Find out more with a free trial subscription to Action Alerts PLUS.
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