U.S. Stock Futures Open Higher as Major Indexes on Track for Positive November
As November draws to a close, U.S. stock futures opened higher on Wednesday night, signaling that all three major stock indexes are preparing to wrap up a winning November.
Futures tied to the Dow Jones Industrial Average rose by 99 points, or 0.28%. Meanwhile, S&P 500 and Nasdaq 100 futures climbed 0.07% and 0.10%, respectively.
The biggest gainers in Wednesday’s extended trading session included Salesforce, Snowflake, and Nutanix, all rising on the back of better-than-expected earnings. Salesforce jumped 8%, while Snowflake and Nutanix added more than 7%.
While the 30-stock Dow and the S&P 500 ended Wednesday’s trading session near the flatline, the two indexes are only about 0.5% and 0.8%, respectively, from their year-to-date closing highs. The tech-heavy Nasdaq Composite slipped 0.16% during the day, but is also roughly 0.7% away from its 2023 closing high.
The major averages remain on track to close November with sizeable gains, marking the end of a three-month losing streak for the indexes. The S&P 500 is up 8.5% in November, while the Nasdaq has advanced nearly 11%. Both averages are tracking for their best monthly performance since July 2022. The Dow is up 7.2% in November, on pace for its best month since October 2022.
Despite interest rates lingering at higher levels, strategist Jay Woods isn’t afraid that stocks will give up their gains before the year’s end. He believes that the economic data supporting the Fed to continue to keep rates at bay and possibly decrease is a huge tailwind for the market.
In addition to market performance, traders are also looking out for earnings reports from Big Lots, Express, and Kroger on Thursday before the bell, along with October’s reading for personal consumption expenditures, a key inflation gauge for the Federal Reserve, and weekly jobless claims.
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