Stock futures stumbled on Monday but remained on track to post their best month in over a year as optimistic investors kept their hopes of a recovery alive.
Futures on the Dow Jones Industrial Average (^DJI), the benchmark S&P 500 (^GSPC) and the tech-heavy Nasdaq 100 (^NDX) all fell about 0.1% after posting their fourth straight weekly gain on Friday .
High optimism about an end to U.S. interest rate hikes fueled November’s stock rally, setting up the Dow for its strongest month since October last year – and since July 2022 for the Nasdaq and S&P 500.
In a sign that this optimistic sentiment is not waning, the VIX – known as Wall Street’s “fear meter” – closed Friday at its lowest level since January 2020. On Monday, sentiment was subdued as Wall Street returned to work afterward went the long Thanksgiving weekend.
But a new reading of PCE inflation expected on Thursday could test the rally, as it is the Federal Reserve’s preferred indicator of consumer price pressures.
In the meantime, investors will be keeping an eye on Cyber Monday updates to find out whether Americans will spend money on holiday shopping even as wallets tighten. Black Friday online sales rose 7.5% year-on-year to a record $9.8 billion, while overall in-store sales also jumped.
Read more: 6 Ways to Save Money on Your Black Friday Shopping List
In commodities, oil prices fell as traders increasingly braced for further production cuts at this week’s postponed OPEC+ meeting. Brent crude futures (BZ=F) fell below $80 a barrel, down 1%, while West Texas Intermediate (WTI) futures were 1.4% lower but above $74 held.
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Stock futures falter as Wall Street returns
U.S. futures fell slightly on Monday, but stocks remained on track for their strongest result in more than a year as investors took the reins after the long Thanksgiving weekend.
Dow Jones Industrial Average futures (^DJI) fell 0.15%, or 50 points, while S&P 500 futures (^GSPC) fell 0.10%. Contracts on the tech-heavy Nasdaq 100 (^NDX) traded 0.03% lower.
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