U.S. stock futures took a break on Friday after a strong month, as investors eagerly anticipated remarks from Federal Reserve Chair Jerome Powell.
Market Movement
- Dow Jones Industrial Average futures (YM00) rose 79 points, or 0.2%, to 36089.
- S&P 500 futures (ES00) gained 5 points, or 0.1%, to 4582.
- Nasdaq 100 futures (NQ00) increased 5 points, or 0%, to 15990.
Yesterday’s Performance
On Thursday, the Dow Jones Industrial Average (DJIA) reached its highest close in 22 months, rising 520 points or 1.47% to 35951. The S&P 500 (SPX) also saw gains, increasing by 17 points or 0.38% to 4568. Meanwhile, the Nasdaq Composite (COMP) experienced a slight drop of 32 points or 0.23% to 14226.
November Surge
The S&P 500 had an impressive surge of 8.9% in November, marking its best monthly gain since July 2022. Goldman Sachs reports that this was due to a significant drop of 70 basis points in the 10-year Treasury BX:TMUBMUSD10Y, the steepest decline since the 2008 global financial crisis. Alastair George, Chief Investment Strategist at Edison Investment Research, explains that falling bond yields in the U.S. and Europe have provided relief for global equity markets that were previously facing pressure from rising bond yields during the summer.
Powell’s Remarks
Federal Reserve Chair Jerome Powell is scheduled to make an appearance at Spelman College in Atlanta. At 11 a.m. Eastern, he will deliver opening remarks and participate in a fireside chat with the school’s president. Powell recently reminded the markets that the Fed still has a bias towards further rate hikes.
Manufacturing Report and Automakers’ Sales
Before Powell’s speech, the Institute for Supply Management’s manufacturing report is expected to be released. Additionally, automakers will be sharing their monthly sales statistics throughout the day.
After-Hours Earnings
Several tech companies, including Dell Technologies, Marvell Technology, Elastic, Samsara IOT, and UiPath, released their earnings after hours. Tesla shares were trading lower in premarket action following their Cybertruck presentation.
