NEW YORK CITY, New York – U.S. stock futures opened higher on Wednesday night, signaling a positive end to November for all three major stock indexes. Futures tied to the Dow Jones Industrial Average rose by 0.28%, while S&P 500 and Nasdaq 100 futures climbed by 0.07% and 0.10%, respectively.
The extended trading session on Wednesday saw Salesforce, Snowflake, and Nutanix as the biggest gainers, all rising on the back of better-than-expected earnings. Salesforce jumped 8%, while Snowflake and Nutanix added more than 7%.
Despite the Dow and S&P 500 ending Wednesday’s trading session near the flatline, the two indexes are only about 0.5% and 0.8% away from their year-to-date closing highs. The Nasdaq Composite slipped 0.16% during the day, but is also roughly 0.7% away from its 2023 closing high.
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.
Strategist Jay Woods remains optimistic, stating, “The cycle, to me, is complete. We’ve made back what we lost, and now we’re starting to build on where we were going at the end of 2021 when the market was hot.”
On a different note, 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.
In conclusion, the stock market is showing positive signs of growth as major indexes are set to close November with substantial gains. Despite potential volatility, the outlook remains positive as the market continues to build on its momentum from the previous year. Economic indicators and earning reports will continue to play a crucial role in the performance of the market moving forward.
