Bank stocks are ripping higher following the French election

Global markets are leaping higher on Monday. Dow futures are up 214 points after the results of the first round of the French election came in as predicted, with centrist Emmanuel Macron edging out far-right candidate Marine Le Pen. The two will meet in a run off May 7.

After rising almost 23% following the election of President Donald Trump, the Financial Select Sector SPDR Fund ETF has fallen 7.5% from its recent high as traders price in the possibility that Trump's plans to cut taxes and roll back regulations might take longer to enact than previously expected.

Now the risk-on trade seems to be back on after Wall Street's predictions about the French election were confirmed.

Shares of some of the major bank stocks are moving higher in the pre-market trade:

• JPMorgan Chase is +1.98%

• Bank America +1.89%

• Citigroup +2.26%

• Wells Fargo +1.89%

• Deutsche Bank +10.20%

• Goldman Sachs +1.99%

Markets face another hurdle on Friday, the deadline for a stop-gap budget measure to keep the US government from shutting down.

Click here for a real time Financial Select Sector SPDR Fund ETF chart.

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