All three of the major stock indexes were getting ready to cap off a successful November as U.S. stock futures increased on Thursday.
It was up 168 points, or 0.5%, for futures linked to the Dow Jones Industrial Average. Futures for the S&P 500 and the Nasdaq-100 both increased by 0.2%.
On the strength of higher-than-expected results, Salesforce and Snowflake both saw gains of 9.2% and 8.6%.
The 30-stock Dow and the S&P 500 remain only roughly 0.5% and 0.8%, respectively, below their year-to-date closing highs, despite the fact that they finished Wednesday’s trading session close to flat. The tech-heavy Nasdaq Composite increased by 0.16% during the day, but it is still 0.7% below its closing high for 2023.
The three-month losing record for the indices would come to an end if the major averages complete November with sizable gains. November has seen gains of 8.5% for the S&P 500 and over 11% for the Nasdaq. It looks like both averages will have their best month since July 2022. With the Dow up 7.2% in November, the month is expected to be the best since October 2022.
Even if interest rates are still higher than they were earlier in the year, strategist Jay Woods is not concerned that equities will lose their gains before the year is out.
Source (CNBC)
