New York City – Stock futures in the United States rose Sunday night as Wall Street began a shortened Thanksgiving trading week. With markets closed on Thursday for Thanksgiving Day and ending early on Friday, investors are keeping a close eye on the stock market.
Dow Jones Industrial Average futures increased by 0.5%, rising 211 points, while S&P 500 and Nasdaq-100 futures each saw gains of around 0.4%. Following a successful week where major averages saw increases in the postelection rally, the Dow advanced approximately 2% and closed at a record high, while the S&P 500 and Nasdaq Composite rose about 1.7%. The Russell 2000 also experienced a 4.5% jump during the week.
President-elect Donald Trump announced his intention to nominate Scott Bessent, founder of Key Square Group, as Treasury secretary. Investors are optimistic about the pick, viewing Bessent as someone who will support the equity market. However, concerns arise as Trump also indicated that Bessent would assist in implementing protectionist trade policies, which some investors fear could have negative implications for the market.
Global strategist Phillip Colmar of MRB Partners noted the sharp rise in U.S. equities, the dollar, and Treasury yields following better-than-expected U.S. economic data and the election outcome. Despite the positive response, Colmar advised investors to remain cautious due to the conflicting nature of the policies proposed by President-elect Trump, which mix pro-growth fiscal stimulus with stagflationary isolationism.
This week, attention is turning back to interest rates as October’s personal consumption expenditure (PCE) price index, the Federal Reserve’s preferred inflation measure, is set to be released. Additionally, minutes from the Fed’s recent policy meeting will be available before Thanksgiving.
Looking ahead, several retailers and tech companies are scheduled to announce quarterly earnings. Retailers such as Macy’s, Nordstrom, and Best Buy, along with tech firms CrowdStrike and Dell Technologies, are among those slated to report results throughout the week. Market participants will be eagerly watching for these updates amidst the holiday-shortened trading week.
