Traders work on the New York Stock Exchange trading floor during early trading on Nov. 26, 2024 in New York City.
Michael M. Santiago | Michael M. SantiagoGetty Images
U.S. stock index futures were relatively flat late Wednesday following a record day for stocks.
Futures linked to the Dow Jones Industrial Average It fell 18 points, or 0.04%. on the other hand, S&P 500 Index Futures fell 0.08%, and Nasdaq 100 Futures down 0.1%.
In an extended transaction, the retailer american eagle The company’s shares fell more than 13% after the company gave a weak forecast for the holiday quarter. In contrast, discount retailers Five or less The company’s shares surged about 14% after a better-than-expected third-quarter report.
During Wednesday’s trading session, all three major stock indexes rose sharply, with S&P 500 Index and Nasdaq Index Set a new closing record. this Dow Jones Industrial Average It also closed above 45,000 points for the first time.
“I think there’s still gas in the tank from December to 2025,” Tony Pasquariello, global head of hedge funds at Goldman Sachs, said Wednesday on CNBC’s “Closing Bell.” Think this is a bull market. I still think the main trend is higher, if we’re right about growth, if we’re right about the Fed, if we’re right about technology, then the raw materials are going to be there. Reasons to support.
An ADP report earlier Wednesday showed private payrolls grew less than expected in November. Businesses added 146,000 jobs this month, but economists polled by Dow Jones had expected an increase of 163,000 jobs.
Investors are currently awaiting key economic data due this week. Initial jobless claims data for the week ended Nov. 30 is scheduled to be released at 8:30 a.m. ET on Thursday. Additionally, November non-farm payrolls data will be released on Friday morning.
Federal Reserve Chairman Powell said in an interview at the New York Times DealBook Summit on Wednesday that the U.S. economy is strong enough for the Federal Reserve to take interest rate cuts cautiously.
“The labor market is better and the downside risks to the labor market appear to be smaller,” he said. “Growth is certainly going to be stronger than we thought, and inflation is going to be a little higher. So the good news is that we can be more cautious as we try to find neutral.”
Federal funds futures trading shows a 78% chance that the Fed will cut interest rates by 25 basis points at its Dec. 17-18 meeting, but the likelihood that policymakers will keep rates unchanged in January is nearly 64% . CME FedWatch Tool.
Meanwhile, more earnings reports are scheduled for release before the bell on Thursday, including Dollar General, seal jeweler and hook up. Hewlett Packard Enterprise and ultimate beauty Will report in the afternoon.
About The Author
