U.S. Stocks Set to Open Steady as Third Consecutive Winning Performance Ends
U.S. equity futures are preparing to open steady on Sunday evening, with all major averages coming off of their third consecutive winning performance. Futures tied to the Dow Jones Industrial Average fell slightly, along with S&P 500 futures and Nasdaq 100 futures.
The S&P 500 closed last week higher by 2.2% and the Dow added 1.9%, marking the first three-week streak for the indexes since July. The Nasdaq Composite finished the week higher by 2.4%, its best week since June.
The yield on the U.S. 10-year Treasury has fallen to its lowest level since Sept. 20, leading some traders to expect that Treasury yields will continue to compete with equities and become more attractive to investors.
Market bulls remain enthusiastic, especially after cooler-than-expected U.S. inflation data released last week. The data provided a hopeful indication that the Federal Reserve could stop raising interest rates.
Bill Baruch, founder at Blue Line Futures, expressed optimism about the market’s performance, stating that it’s likely we could see record highs before the end of the year.
Traders are awaiting Nvidia’s earnings and forward guidance out Tuesday, and concerns still exist about the company’s valuation. Investors and techies are also rattled by Friday’s sudden ouster of OpenAI’s former CEO Sam Altman and the resignations of other top executives and staff members at the Microsoft-backed company, igniting broader concerns about the future of the AI industry.
November is still the best-performing month for the S&P 500, according to the Stock Traders’ Almanac. Trading around the Thanksgiving holiday has been choppy in recent years, but November continues to show strong performance for the index.
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