Stock futures stumbled on Monday but remained on track to book their best month in more than a year as upbeat investors kept their bullish hopes alive.
Futures for the Dow Jones Industrial Average (^DJI), S&P 500 (^GSPC) and the tech-heavy Nasdaq 100 (^NDX) fell about 0.1%, after posting their fourth straight weekly win on Friday.
High optimism about an end to US interest rate hikes fueled a stock rally in November, sending the Dow Jones up for its strongest month since October last year — and since July 2022 for the Nasdaq and S&P 500.
In a sign that that optimistic spirit is not fading, the VIX index — known as Wall Street’s “fear gauge” — closed Friday at its lowest level since January 2020. On Monday, the mood was subdued as Wall Street returned to work after a holiday break. The week long of Thanksgiving.
But a new reading on personal consumption expenditures inflation due Thursday could put the rise to the test, given that it is the Federal Reserve’s preferred measure of consumer price pressures.
Meanwhile, investors will be watching Cyber Monday updates to gain insight into whether Americans will spend their money on holiday purchases even as financial restrictions tighten. Online Black Friday sales rose 7.5% year-over-year to a record $9.8 billion, while in-store sales totals also jumped.
Read more: 6 ways to save money on your Black Friday shopping list
In commodities, oil prices fell as traders increasingly prepared for further production cuts at this week’s postponed OPEC+ meeting. Brent crude futures (BZ=F) fell below $80 per barrel, down 1%, while West Texas Intermediate (WTI) futures fell 1.4% but remained above $74.
-
KStock futures are treading water as Wall Street returns
U.S. futures fell slightly on Monday, but stocks remained on track for their strongest performance in more than a year, as investors took matters into their own hands after the long Thanksgiving weekend.
Dow Jones Industrial Average (^DJI) futures were down 0.15%, or 50 points, while S&P 500 futures (^GSPC) were down 0.10%. Futures on the tech-heavy Nasdaq 100 (^NDX) fell 0.03%.
Click here for in-depth analysis of the latest stock market news and events that move stock prices.
Read the latest financial and business news from Yahoo Finance
“Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff.”
More Stories
Carvana (CVNA) Q1 2024 earnings
The wage increases reveal another “thorny” problem for the Fed
Super Micro misses quarterly revenue estimates as stock rises, shares fall 14%