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US stock futures mostly rose on Monday, heading into the shortened Thanksgiving trading week buoyed by hopes for an interest-rate cut and eyeing a further rebound from a pullback that has cooled this year’s AI-driven market rally.
S&P 500 futures (ES=F) advanced 0.2%, while Dow Jones Industrial Average futures (YM=F) hovered below the flatline. Contracts on the tech-heavy Nasdaq 100 (NQ=F) climbed 0.5% as Wall Street stocks geared up for a bid to extend Friday’s bounce.
Spirits are cautiously upbeat after Federal Reserve Bank of New York president John Williams suggested that a December rate cut remains a possibility. Even so, major indexes have suffered notable losses in November as investors reassess lofty valuations across AI-aligned stocks.
The S&P 500 dropped 2% last week, widening its month-to-date decline to about 3.5%. The Nasdaq Composite slid 2.7% and is now down over 6% in November. The Dow fell almost 2% over the week and is off nearly 3% for the month.
While still working through the impact of the longest government shutdown in US history, data releases are beginning to trickle back into circulation, though a return to the full economic calendar is still a ways off.
This week, traders are eyeing data on producer prices from the Bureau of Labor Statistics and the Census Bureau’s retail sales data, both from September. Both reports are due out Tuesday.
Earnings season is winding down with a week of relatively muted releases. Alibaba Holdings (BABA), Dell Technologies (DELL), and a smattering of retailers, including Kohl’s (KSS) and Best Buy (BBY) are the highlights of the holiday-shortened week. US markets will be closed Thursday for the Thanksgiving holiday and will shut early at 1 p.m. ET on Friday.
President Trump’s tariffs also remain in the back of mind, with the Supreme Court set to issue a ruling on whether the bulk of them were imposed legally. The Commerce Department and the Office of the US Trade Representative are reportedly preparing a roadmap if the ruling goes against the administration.
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Economic data returns, retail earnings feature in holiday-shortened week: What to watch this week
Yahoo Finance’s Jake Conley takes a look at the week ahead.
Jake writes:
As November wraps up, a holiday-shortened week of trading — courtesy of Thanksgiving Day and Black Friday — will greet investors who continue to wrestle with the fallout from Nvidia’s (NVDA) blockbuster earnings report alongside flagging confidence in the overall AI-driven market. …
A strong September jobs report, strong earnings from Nvidia, and a positive third quarter report from Walmart were all greeted on Thursday by one of the market’s biggest intraday reversals of the last decade, with the S&P 500 (^GSPC) flipping from a gain above 1.5% at the opening bell to a loss of more than 1.5% by market close. The swing in the Nasdaq was even greater.
In the week ahead, the economic calendar will continue to pick up steam as the government works through a data backlog following the resolution of the shutdown earlier this month.
Data on producer prices in September from the Bureau of Labor Statistics and the Census Bureau’s retail sales data for the same month will be highlights, with both reports due out Tuesday amid a rush of data ahead of the Thanksgiving weekend. Investors will also keep a close eye on The Conference Board’s consumer confidence reading for November, due out Tuesday.
In the corporate world, a relatively quiet week of earnings awaits investors. Alibaba Holdings (BABA), Dell Technologies (DELL), and a smattering of retailers including Kohl’s (KSS) and Best Buy (BBY) will headline the calendar for the week.
Read more here.
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Alibaba’s main AI app debuts strongly in effort to rival ChatGPT
Shares of Alibaba (BABA) rose in premarket trading, echoing gains for the Hong Kong-listed stock (9988.HK), as investors cheered upbeat figures for its Qwen AI app.
Bloomberg reports:
Read more here.
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Gold slides as potential rate-cut lowers haven demand
Gold (GC=F) prices slipped as demand for the precious metal lowered with investors looking toward a potential rate-cut from the Federal Reserve in December.
Bloomberg reports:
Read more here.
