Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, USA, December 7, 2023.
Brendan Mcdermid | Portal
Stock futures were near the zero line on Monday evening.
Futures tied to the Dow Jones Industrial Average fell 25 points, while S&P 500 futures and Nasdaq 100 futures fell 0.05% and 0.1%, respectively.
Shares have had a successful session. The S&P 500 gained 0.45%, 1.2% below its all-time closing high of 4,796.56 reached in January 2022. The tech-heavy Nasdaq Composite gained 0.6%, while the 30-stock Dow gained 0.86 points.
Stocks have been in rally mode lately, with last week’s hints of three likely Federal Reserve interest rate cuts in 2024 providing another catalyst for the market. Signs of cooling inflation and a decline in Treasury yields have also helped risk assets.
“Markets are celebrating not only disinflation but also the soft landing scenario,” Emily Roland, co-chief investment strategist at John Hancock Investment Management, said on CNBC’s “Closing Bell: Overtime” on Monday. “The Fed has indicated that they feel we are on a soft landing here, and we are seeing risk assets across the board participating.”
All three major averages are on track to end December with gains. The S&P 500 is up 3.8% this month, snapping its longest weekly winning streak since 2017. The Nasdaq and the Dow rose 4.8% and 3.8%, respectively.
A weak week for economic data and earnings continues on Tuesday with preliminary data on November building permits and housing starts. FedEx’s earnings are also positive after the market closes.
Atlanta Fed President Raphael Bostic is also scheduled to give a speech.