U.S. Stock Futures Point to a Strong Finish for November
The U.S. stock futures opened higher on Wednesday night as all three major stock indexes prepared to wrap up a winning November. The Dow Jones Industrial Average futures rose by 99 points, while S&P 500 and Nasdaq 100 futures also saw gains, climbing by 0.28%, 0.07%, and 0.10%, respectively.
Gains in Extended Trading Session
The biggest gainers in Wednesday’s extended trading session included Salesforce, Snowflake, and Nutanix, all rising on the back of better-than-expected earnings. Salesforce jumped 8%, while Snowflake and Nutanix added more than 7%. These gains helped to contribute to the overall positive sentiment in the stock market.
Indexes Near Year-to-Date Closing Highs
Although the 30-stock Dow and the S&P 500 ended Wednesday’s trading session near the flatline, the two indexes are only about 0.5% and 0.8%, respectively, from their year-to-date closing highs. The tech-heavy Nasdaq Composite, which slipped 0.16% during the day, is also roughly 0.7% away from its 2023 closing high.
Gains in November
The major averages remain on track to close November with sizeable gains, which would end a three-month losing streak for the indexes. The S&P 500 is up 8.5% in November, while the Nasdaq has advanced nearly 11%. Both averages are tracking for their best monthly performance since July 2022. The Dow is up 7.2% in November, on pace for its best month since October 2022.
Positive Outlook for Stocks
Despite interest rates lingering at higher levels, strategist Jay Woods isn’t afraid that stocks will give up their gains before the year’s end. Woods believes that the economic data supports the Fed to continue to keep rates at bay and possibly decrease, which is a huge tailwind for the stock market.
Upcoming Earnings and Economic Data
Big Lots, Express, and Kroger are set to report earnings Thursday before the bell. Traders will also watch out for October’s reading for personal consumption expenditures, a key inflation gauge for the Federal Reserve. Weekly jobless claims are also due.
Overall, the positive momentum in the stock market has reinforced the optimistic outlook for the remainder of the year. As November comes to a close, investors are eagerly awaiting the release of key economic data and corporate earnings reports to gauge the market’s direction in the coming weeks.
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