Nov 27, 2023

US stock futures were marginally lower on Sunday evening, following the significant benchmark averages’ fourth consecutive week of gains.

DJI 4-hour chart

DJI 4-hour chart

Dow Jones Industrial Average futures and S&P 500 futures were each down 0.1%, while Nasdaq 100 futures were down 0.2%.

In the week ahead, market participants will be closely monitoring data on building permits, new home sales, the house price index, consumer confidence, gross domestic product, the personal consumption expenditures price index, personal income and spending, initial jobless claims, pending home sales, and the manufacturing purchasing managers’ index (PMI), as well as speeches from Federal Reserve officials Christopher Waller, Michelle Bowman, Lael Brainard, Loretta Mester, Jason Furman, and Jerome Powell.

Wall Street is riding the momentum of a four-week winning streak for all three major averages. This streak has been fueled by the 10-year Treasury yield’s retreat from the 5% threshold it briefly surpassed in late October.

However, the rally comes amid cautionary signals from some US retailers about a potential slowdown in consumer spending. Market participants are also keenly awaiting economic updates on the commencement of the holiday shopping season following Black Friday.

On the bond markets, US 10-year yields were at 4.492%, while 2-year yields were at 4.955%.

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