Futures tied to the Dow Jones Industrial Average dropped 2 points, or less than 0.1 per cent, S&P 500 futures were down nearly 3 points, or around 0.1 per cent, and Nasdaq 100 futures were down 34 points, or 0.2 per cent
U.S. equity futures opened little changed on Sunday evening, heading into the shortened Thanksgiving holiday week with all of the major averages coming off of their third consecutive winning performance.
Futures tied to the Dow Jones Industrial Average dropped 2 points, or less than 0.1 per cent. S&P 500 futures were down nearly 3 points, or around 0.1 per cent, and Nasdaq 100 futures were down 34 points, or 0.2 per cent.
The S&P 500 closed last week 2.2 per cent higher and the Dow gained 1.9 per cent, marking the first three-week streak for the indexes since July. The Nasdaq Composite closed the week 2.4 per cent higher, notching its best week since June.
The yield on the benchmark U.S. 10-year Treasury had also ended Friday at its lowest level since September 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 into the year-end, nevertheless, especially after cooler-than-expected U.S. inflation data released last week calmed investors’ nerves about high prices and provided an indication that the Fed could stop hiking interest rates.
I actually think it is pretty likely we could see record highs before the end of the year, Bill Baruch, founder at Blue Line Futures, told CNBC’s “Halftime Report” on Friday. This is one of the most healthy consolidations over the last couple of days.
Ahead of the Thanksgiving Day-shortened week, traders are awaiting Nvidia’s earnings and forward guidance out Tuesday. The chipmaker, which has since its stock price surge this year amid the craze around AI, is expected to beat on earnings and revenue estimates for Q3, according to analysts polled by FactSet. Concerns still exist about the firm’s valuation, however.
