U.S. stock futures edged higher early Monday, entering the Thanksgiving week with positive momentum. This will be a short trading week, with markets closed on Thursday for Thanksgiving and closing early at 1 p.m. ET on Friday.
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Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up 0.99%, 0.68%, and 0.36%, respectively, at 3:39 a.m. EST on November 24.
Last week, U.S. equities ended on a mixed note as strong corporate earnings offset renewed volatility across technology and cryptocurrency markets. The S&P 500 advanced 0.98%, the Nasdaq 100 added 0.77%, and the Dow rose 1.08%.
However, all three indexes are on track to close November in negative territory, primarily due to a persistent sell-off in AI stocks. Concerns about a potential bubble and the sustainability of AI sector profits have led investors to reduce risk exposure in these sectors, contributing to the recent market pullback.
Nonetheless, there is a silver lining. New York Federal Reserve President John Williams signaled last week that there may be room for “further adjustment” to interest rates. Hence, investors are increasingly pricing in the possibility of a rate cut in December.
Turning to the economic reports due this week, traders will closely monitor October’s U.S. retail sales and the Producer Price Index (PPI) readings, as these data points could influence future monetary policy decisions.
Several major companies are still scheduled to report their third-quarter earnings, including Li Auto (LI), Alibaba (BABA), Dell Technologies (DELL), Zscaler (ZS), and Nio (NIO), among others.
Notably, the U.S. 10-year Treasury yield was down, floating near 4.05%. WTI crude oil futures were trending lower, hovering near $57.75 per barrel as of the last check. Additionally, the Gold Spot U.S. dollar price increased to nearly $4,062 per ounce on Monday.
Elsewhere, in Europe, markets opened mostly higher on Monday, tracking positive momentum from the U.S. in anticipation of a potential interest rate cut.
Asia-Pacific Markets Traded Higher
Asia-Pacific markets traded mostly higher on Monday after a week of technology-led losses.
Hong Kong’s Hang Seng Index advanced 1.97%. In China, the Shanghai Composite rose 0.05%, while the Shenzhen Component gained 0.47%. Meanwhile, Japan’s markets were closed for the Labor Thanksgiving Day public holiday.
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