US stock futures opened little changed on Sunday evening, heading into the shortened Thanksgiving holiday week, with all the major averages coming off their third straight winning performance.
Futures contracts tied to the Dow Jones Industrial Average fell 16 points, or less than 0.1%. S&P 500 futures fell 5 points, or 0.1%, and Nasdaq 100 futures fell 37 points, or 0.2%.
The S&P 500 closed last week up 2.2%, and the Dow Jones added 1.9%, marking the first three consecutive weeks for the indexes since July. The Nasdaq Composite ended the week up 2.4%, marking its best week since June.
The yield on 10-year US Treasury bonds also ended Friday at its lowest level since September 20, leading some traders to expect Treasury yields to continue to compete with stocks and become more attractive to investors.
However, market bulls remain excited through the end of the year, especially after last week’s cooler-than-expected US inflation data calmed investors’ nerves about stubbornly high prices and provided a hopeful signal that the Fed He may stop raising interest rates.
“I actually think it’s very likely that we’ll see record highs before the end of the year,” Bill Baruch, founder of Blue Line Futures, told CNBC’s “Halftime Report” on Friday. “This is one of the healthiest consolidations of the last couple of days.”
Ahead of the shortened Thanksgiving week, traders await Nvidia’s earnings and future guidance on Tuesday. The chipmaker, whose stock prices have soared this year amid the artificial intelligence craze, is expected to beat earnings and revenue estimates for the third quarter, according to analysts surveyed by FactSet. However, concerns remain about the company’s valuation.
Investors and technologists were also upset by Friday’s abrupt ouster of former OpenAI CEO Sam Altman and the resignation of other top executives and employees at the Microsoft-backed company, raising broader concerns about the future of the AI industry.
Trading around the Thanksgiving holiday has been volatile in recent years, but November is still the best-performing month for the S&P 500, according to Stock Traders Almanac.
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