Traders work on the floor of the New York Stock Exchange on November 22, 2024 in New York City.
new york stock exchange
U.S. stock futures rose Sunday night as Wall Street began a shortened Thanksgiving trading week. The market is closed Thursday for Thanksgiving and closes early Friday.
Dow Jones Industrial Average Futures It rose by 221 points (0.5%). futures tied to S&P500 and Nasdaq-100 Each advanced by about 0.4%.
Major averages are recovering from a strong week as post-election rallies pick up speed again. The Dow Jones Industrial Average rose about 2% last week, closing at a record close. Meanwhile, the Composite Market Index and the Nasdaq Composite Index each rose about 1.7%. The small-cap Russell 2000 rose about 4.5% for the week.
President-elect Donald Trump signaled his intention to nominate Key Square Group founder Scott Bessent as Treasury secretary after the market closed on Friday. Investors may view the appointment favorably and see the hedge fund manager as someone who can help the stock market. Indeed, President Trump has said Bessent will help implement protectionist trade policies, but some investors are concerned that this could hurt markets.
“U.S. stocks, the dollar and government bond yields are all rising sharply on the back of better-than-expected U.S. economic data, with some tailwinds from the election result,” said Philip Colmar, global strategist at MRB Partners.
“However, the policies proposed by President-elect Trump are contradictory to pro-growth fiscal stimulus and stagflation-like isolationism, so investors should be careful not to make their own views and positions arbitrary. You should,” he added.
Despite a shortened trading week this week, the interest rate outlook is back in the spotlight with the release of the October personal consumption expenditures (PCE) price index, the Federal Reserve's preferred inflation measure. Minutes from the Fed's latest policy meeting are also expected to be released ahead of Thanksgiving.
On the corporate earnings front, several retailers and tech companies are expected to report quarterly results this week. Bath and Body Works is scheduled to report financial results on Monday morning. On Tuesday, retailers Macy's, Nordstrom and Best Buy, as well as tech companies CrowdStrike and Dell Technologies, also reported results.
