US Stock Futures Rise Overnight, Nasdaq Composite Faces End of Winning Streak: November Market Recap
US stock futures rose overnight on Thursday, with the Nasdaq Composite facing the possibility of ending a seven-month winning streak. Dow Jones Industrial Average futures edged up by 0.1%, while S&P 500 and Nasdaq-100 contracts also saw gains of 0.1%.
As trading resumes on Friday, stocks are looking at a negative month overall. The decline in megacap tech stocks in November has caused investors to reconsider the potential profitability of AI-driven businesses.
By the end of Wednesday, both the Dow and S&P 500 were slightly down for the month, putting an end to a six-month winning streak. The Nasdaq, which has dropped by 2% so far, is set to break its seven-month run of gains.
Analysts are starting to make predictions for the upcoming year, with Deutsche Bank forecasting a target of 8,000 for the S&P 500 by the end of 2026, which is at the higher end of estimates. HSBC and JPMorgan, on the other hand, anticipate the benchmark index to hover around 7,500.
Markets were closed on Thursday for Thanksgiving and will close early at 1 p.m. ET on Friday. Earnings releases are limited this week, with no major announcements left for the remainder of the week.
In conclusion, US stock futures rose overnight, but the Nasdaq Composite may see the end of its winning streak. November has been a challenging month for equities, particularly in the tech sector, as investors reevaluate the potential profitability of AI-driven businesses. Analysts are starting to make predictions for the coming year, with varying estimates for the S&P 500. Trading will resume on Friday with an early market close.