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FinanceStock futures rise slightly as market enters holiday-shortened week

Stock futures rise slightly as market enters holiday-shortened week

A dealer in the course of the Sweetgreen preliminary public providing (IPO) in entrance of the New York Stock Exchange (NYSE) in New York, on Thursday, Nov. 18, 2021.

Michael Nagle | Bloomberg | Getty Images

Stock futures rose slightly in in a single day buying and selling on Sunday forward of the holiday-shortened week, a traditionally seasonally sturdy interval for Wall Street.

Futures on the Dow Jones Industrial Average gained 55 factors. S&P 500 futures edged up 0.1% and Nasdaq 100 futures climbed 0.2%.

U.S. markets will probably be closed Thursday on Thanksgiving Day. The inventory market closes early at 1 p.m. ET on Friday.

Stocks have a monitor file of posting good points in Thanksgiving week, which can doubtlessly set the stage for a year-end Santa rally.

Since 1950, the final 5 buying and selling days of November have been historically constructive, in accordance with Sam Stovall, chief funding strategist at CFRA. Meanwhile, there is a two-thirds probability the market is up on the day earlier than Thanksgiving Day and a 57% likelihood the day after the vacation, the strategist stated.

One huge market-moving occasion this week will probably be President Joe Biden’s nomination for the subsequent Federal Reserve chief.

Biden is anticipated to announce his choose within the coming days, with present chairman Jerome Powell and Governor Lael Brainard thought of the almost definitely candidates. Many anticipate a extra dovish central financial institution if Brainard prevails, that means it might take longer to tighten insurance policies together with elevating rates of interest.

“I do think in the shortened week, that is probably going to be the biggest driver of market action,” stated Jeff Schulze, ClearBridge Investments funding strategist. “If Brainard is nominated as Fed chair, it wouldn’t be a surprise to me to see some near-term volatility. Usually, the market tests a Fed chair.”

The S&P 500 got here off a successful week, up 0.3%, on the again of a slew of stellar earnings stories from huge retailers and powerful U.S. retail information. The tech-heavy Nasdaq Composite jumped 1.2% final week. The blue-chip Dow fell 1.3% in the course of the interval, nevertheless.

Month to this point, the S&P 500 is up 2%, on monitor to publish its second constructive month in a row. The fairness benchmark has gained greater than 25% in 2021.

—CNBC’s Patti Domm contributed reporting.

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