Market Optimism Soars Ahead of Thanksgiving Holiday
As the holiday season approaches, US stock futures are experiencing a significant boost, driven by high expectations surrounding President-elect Donald Trump’s nomination of Scott Bessent as Treasury secretary. This move has instilled confidence in investors, who are also looking forward to the Federal Reserve’s inflation report.
Dow Jones Leads the Charge
The Dow Jones Industrial Average futures (YM=F) are leading the way, with a substantial 0.7% increase. The S&P 500 futures (ES=F) are also on the rise, up 0.5%, while the tech-heavy Nasdaq 100 (NQ=F) futures have moved up almost 0.6%. This upward trend is a continuation of the positive momentum seen last week, which ended with the Dow closing at a record high.
A Busy Week Ahead
Despite the holiday-shortened week, markets will be keeping a close eye on several key events. The Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) index, is set to be released on Wednesday. Economists predict a slight increase in “core” PCE, which is closely monitored by the central bank.
Bitcoin Surges Toward Milestone
In other news, bitcoin (BTC-USD) is rapidly approaching a historic $100,000-per-coin level, having surged nearly 50% over the past month. The cryptocurrency is currently hovering around the $98,000 mark.
Economic Data and Earnings
This week will see the release of several key economic indicators, including the Dallas Fed manufacturing activity report for November. Investors will also be keeping an eye on earnings reports from Bath & Body Works (BBWI), Zoom (ZM), and Macy’s (M), which has delayed its Q3 report due to an accounting issue.
Other Stories to Watch
Some of the biggest stories you may have missed over the weekend include the Fed’s favored PCE inflation gauge, Trump’s Treasury choice Bessent’s priorities, and Tesla’s $350B surge driven by hype rather than fundamentals. Additionally, Nvidia’s CEO has expressed optimism about global cooperation in tech under the Trump administration, and retailers are eagerly anticipating Black Friday sales.
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