US stock futures climbed Monday morning, starting the shortened Thanksgiving trading week on a positive note, CNBC reports.
With markets closed for Thanksgiving Day on Thursday and early trading hours on Friday, Wall Street is set for a lighter schedule.
Futures for the Dow Jones Industrial Average rose by 253 points, or 0.57%, while those linked to the S&P 500 gained 0.42%, and Nasdaq-100 futures advanced around 0.5%. The major stock indices are coming off a strong performance, buoyed by a postelection rally that saw the Dow increase about 2% last week, reaching a record high. The S&P 500 and Nasdaq Composite also gained roughly 1.7%, with the small-cap Russell 2000 seeing a notable jump of 4.5%.
As Wall Street enters this abbreviated week, the focus shifts to economic data and corporate earnings. President-elect Donald Trump’s potential nomination of Scott Bessent, founder of Key Square Group, as Treasury Secretary also caught the market’s attention. Bessent’s background as a hedge fund manager may be seen as positive for the equity market, though concerns linger about his stance on protectionist trade policies.
“US equities, the dollar, and Treasury yields have all risen sharply in response to better-than-expected US economic data and have received an additional boost from the election outcome,” said Phillip Colmar, global strategist at MRB Partners.
However, Colmar cautioned that investors should be wary of the conflicting policies proposed by the incoming administration, which combine pro-growth fiscal stimulus with a more isolationist approach.
This week, investors will also be watching the release of key data, including the October personal consumption expenditure (PCE) price index, the Federal Reserve’s preferred inflation gauge. Minutes from the Fed’s most recent policy meeting are also due ahead of Thanksgiving, providing additional insight into the central bank’s economic outlook.
On the corporate earnings front, several major retailers and technology companies are slated to report their quarterly results. Bath and Body Works is scheduled to announce its earnings Monday morning, while Macy’s, Nordstrom, and Best Buy are set to report on Tuesday. Tech companies like CrowdStrike and Dell Technologies will also release their results later in the week.
In early trading, MicroStrategy shares surged 7% after Bernstein raised its price target for the company, citing its large Bitcoin holdings as a key catalyst. Bernstein expressed confidence that Bitcoin is in a “structural bull market,” supported by favorable regulation, government backing, and institutional adoption.
Meanwhile, European markets opened the week on a positive note, with the pan-European Stoxx 600 index gaining 0.5%. The healthcare and retail sectors underperformed, while household goods and autos stocks led the charge, both rising by around 1.3%. Major European bourses, including France’s CAC 40, Germany’s DAX, and the UK’s FTSE 100, all posted gains.
Asia-Pacific markets were mostly higher, with Australia’s S&P/ASX 200 hitting new record highs, rising 0.28% to close at 8,417.6. Japan’s Nikkei 225 advanced 1.3%, closing at 38,780.14, while Hong Kong’s Hang Seng index and mainland China’s CSI 300 saw modest declines.
The US dollar index experienced a slight pullback, falling 0.6% to 106.92 after hitting a one-year high last week. The greenback also saw some weakness against the yen, dropping 0.1% to 154.17.
