The major averages concluded the year’s best week, which led to a small increase in U.S. market futures on Monday.
The Dow Jones Industrial Average futures saw an increase of 30 points, or 0.1%. Futures for the Nasdaq-100 and the S&P 500 both increased by 0.2%.
Before the bell, Citigroup shares saw a minor increase. The corporation is allegedly exploring at least 10% of job losses across multiple significant businesses, according to CNBC.
A positive note is also struck to start November trading as all of the main averages are coming off of their best weeks of the year. For the first time since October 2022, the Dow finished last week up 5.07%. During that period, the Nasdaq Composite gained 6.6% while the S&P increased by 5.85%. It was the strongest week for both indexes since November 2022. Bond yields declined as a result of a weak monthly jobs data, which also helped stocks.
Seasonal tailwinds may contribute to the continued rise in stocks even though there won’t be much in the way of economic data or corporate results this coming week. The Stock Traders’ Almanack states that November is the S&P 500’s best-performing month. Turnquist also pointed out that it marks the beginning of the market’s strongest six-month return period since 1950. Since then, he added, the S&P 500 has returned 7% on average. This was from November through April.
400 S&P 500 businesses have now released their quarterly financial results, signalling the end of earnings season. This week, investors are still anticipating results from D.R. Horton, Occidental Petroleum, Wynn and MGM Resorts, and Walt Disney.
Source (CNBC)