Thursday, February 22, 2024
HomeTrading RoomAs the Shorter Thanksgiving Holiday Week Begins, Stock Futures Barely Moved

As the Shorter Thanksgiving Holiday Week Begins, Stock Futures Barely Moved

As Wall Street began the truncated Thanksgiving holiday week, U.S. equities futures saw minimal movement on Monday.

The Dow Jones Industrial Average-linked futures increased by just 8 points. Futures on the Nasdaq-100 were up 0.1% and those on the S&P 500 were up slightly.

Microsoft’s stock increased by more than 1% on CEO Satya Nadella’s announcement that Sam Altman, the former head of OpenAi, will be joining the company to head a new AI research unit.

Because Thursday is Thanksgiving, U.S. markets will be closed. Additionally, Friday’s trading day will be curtailed. November continues to be the best-performing month for the S&P 500, according to the Stock Traders’ Almanack, despite volatile trading around Thanksgiving in recent years.

There are several significant market catalysts ahead, even with the short week. On Tuesday, Nvidia releases its earnings. The chipmaker, up more than 200% this year, is the best-performing stock.

After a strong weekly showing, Wall Street is recovering. Last week, the Dow added 1.9% and the S&P 500 closed 2.2% higher, giving the indexes their first three-week run since July. It was the Nasdaq Composite’s greatest week since June as it ended the week 2.4% higher.

Bullish market sentiment persists till the end of the year, especially in light of last week’s less-than-expected U.S. inflation statistics, which assuaged investor concerns over unabated prices and offered a positive signal that interest rate hikes by the Federal Reserve might be on hold.

Source (CNBC)

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