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U.S. stock futures climbed Monday as Wall Street kicked off a shortened Thanksgiving trading week.
Futures for the Dow Jones Industrials surged 294 points, or 0.7%, to 44,089.
Futures for the S&P 500 hiked 30 points, or 0.5% to 6,017
Futures for the NASDAQ Composite Index spiked 116.5 points, or 0.6%, to 20,966.25.
Wall Street is coming off a winning week as the postelection rally picked up again. The 30-stock Dow advanced around 2% last week and posted a record close on Friday. The S&P 500 and Nasdaq Composite each rose about 1.7%. The small-cap Russell 2000 jumped roughly 4.5% during the week.
President-elect Donald Trump signaled his intention to nominate Key Square Group founder Scott Bessent as Treasury secretary. Investors viewed the pick favorably and see the hedge fund manager as someone who will be supportive of the equity market and who may help mitigate some of Trump’s most extreme protectionist policies.
U.S. markets are closed Thursday due to the Thanksgiving holiday and close early on Friday, so trading volume is likely to be light this week.
Despite this week’s shortened trading week, the interest rate outlook is back in focus. In this vein, investors will monitor the release of October’s personal consumption expenditure price index, the Federal Reserve’s preferred inflation measure, on Wednesday. Minutes from the Fed’s most recent policy meeting are also due out ahead of Thanksgiving.
On the corporate earnings front, several retailers and tech names are slated to release quarterly results during the week. Bath & Body Works jumped 10% in premarket trading after besting expectations of analysts polled by LSEG on both lines. On Tuesday, retailers Macy’s, Nordstrom and Best Buy are reporting results, as well as tech companies CrowdStrike and Dell Technologies.
In Japan, the Nikkei 225 jumped 1.3% Monday, while in Hong Kong, the Hang Seng sank 0.4%.
Oil prices lost 0.09 cents to $71,15 U.S. a barrel.
Gold prices dumped $25.30 to $2,686.90 U.S. an ounce.
