Dow, S&P 500 and Nasdaq futures signal return to roaring rally as bitcoin surpasses $82,000

U.S. stock futures rose on Monday, signaling a return to the roaring post-election rally as investors looked for a new reading on inflation.

Dow Jones Industrial Average futures (YM=F) led the way, up about 0.4%, while S&P 500 futures (ES=F) rose 0.3%. Both indices have had their best week of the year, reaching record highs. Contracts on the tech-heavy Nasdaq 100 (NQ=F) added about 0.3%.

Stock markets are poised to open at record levels on Veterans Day, thanks in large part to newly elected President Donald Trump’s expectations of lower corporate taxes and deregulation. The mood is also upbeat following the latest rate cut by the Federal Reserve, although doubts are beginning to emerge about the rally’s staying power.

Wall Street awaits consumer inflation data for October on Wednesday for clues about interest rate developments. Last week, Chairman Jerome Powell remained mum on the Fed’s thinking in light of Trump’s policies that could keep price pressures in play.

Read more: What the Fed’s interest rate cut means for bank accounts, CDs, loans and credit cards

One concern is that Trump’s proposed rates could feed into higher inflation, prompting the Fed to scale back rate cuts. Minneapolis Fed President Neel Kashkari said Sunday that if there is an escalating tit-for-tat response from other countries, policymakers “will have to wait and see.”

Traders now see a 68% chance that the Fed will cut rates by another quarter of a percentage point in December, according to the CME FedWatch Tool. A week ago, before the presidential election, the chances were almost 80%.

Meanwhile, bitcoin (BTC-USD) rose to $82,000 for the first time amid high expectations for a crypto-friendly Trump administration and Congress. Dogecoin (DOGE-USD) and other smaller digital currencies also rose as traders bet on Trump’s promise to make the US a leading light in crypto.

Among companies, shares of Tesla (TSLA), another hot spot for Trump trading, continued to rise, up nearly 7% in premarket trading. The EV maker’s stock hit its highest close in more than two years on Friday, surpassing $1 trillion in market value, amid optimism about CEO Elon Musk’s relationship with the new president.