U.S. stock futures moved higher on Monday, setting a positive tone as hopes for an interest rate cut renewed optimism in the market and investors eyed a potential rebound from the recent retreat that dampened this year’s AI-fueled stock rally.
As of 5:00 P.M. (GMT+7), the Dow Jones Industrial Average futures ticked up by 0.02%, or 11.40 points, to 46,257.00 points, while S&P 500 futures edged up by 0.26%, or 17.00 points, to 6,620.00 points. The Nasdaq 100 also increased by 0.44%, or 106.30 points, to 24,345.90 points, as technology shares sought to extend Friday’s rebound.
Market sentiment improved after John Williams, president of the Federal Reserve Bank of New York, indicated that a rate cut at the December policy meeting remains an option. Despite this optimism, U.S. benchmarks have experienced sizable declines in November as investors re-evaluate the high valuations of stocks tied to artificial intelligence.
The S&P 500 finished last week down 2%, extending its losses for the month to about 3.5%. The Nasdaq Composite fell 2.7% and has declined more than 6% since the beginning of November. The Dow lost nearly 2% last week and is down close to 3% for the month.
In the aftermath of the most prolonged U.S. government shutdown on record, economic data is gradually resuming, although a return to the regular release schedule remains some way off.
This week, investors are focused on upcoming reports: September producer price data from the Bureau of Labor Statistics and retail sales figures from the Census Bureau, both expected on Tuesday.
With earnings season nearing its close, only a handful of notable results are on the docket, including Alibaba, Dell Technologies, and retailers such as Kohl’s and Best Buy. U.S. markets are closed Thursday for Thanksgiving and will follow a half-day session on Black Friday, closing at 1 P.M. Eastern.
