MARKET SNAPSHOT: Dow Futures Struggle For Direction As Traders Break For Thanksgiving
November 23 2017 - 5:23AM
Dow Jones News
By Barbara Kollmeyer, MarketWatch
U.S. stock futures were struggling to make any headway on
Thursday, as traders steered away from making any big trading bets
and instead focused on Thanksgiving Day feasting.
The global backdrop for equities was mostly weaker, with Chinese
stocks dropping sharply and European stocks mostly sluggish.
What are the main benchmarks doing?
S&P 500 futures slipped 0.1 point to 2,594.25, while Dow
Jones Industrial Average futures slipped 12 points, or less than
0.1%, to 23,474. Nasdaq-100 futures dipped by 0.75 point, or less
than 0.1%, to 6,388.75.
On Wednesday, the S&P 500 and Dow posted modest declines
(http://www.marketwatch.com/story/sp-eyes-another-record-but-meg-whitmans-farewell-could-prove-a-drag-2017-11-22),
while the Nasdaq Composite inched up slightly to eke out another
record. Stocks took a soft tone amid thin trading volumes, as the
latest Federal Reserve minutes left the door open slightly
(http://www.marketwatch.com/story/fed-doubts-on-inflation-grow-but-rate-hike-likely-soon-minutes-show-2017-11-22)
to keeping interest rates unchanged until the end of the year, as
opposed to a hike in December.
The three equity benchmarks are up between 16% and 27% for the
year as of Tuesday's close, gains having been driven by an
expanding U.S. economy, low returns for bonds, rising corporate
profits and bets that the administration of President Donald Trump
will deliver tax cuts and other business-friendly policies.
Goldman Sachs:'Rational exuberance' to drive stock market in
2018
(http://www.marketwatch.com/story/goldman-rational-exuberance-to-drive-stock-market-in-2018-2017-11-21)
What strategists are saying
"Even with U.S. Treasuries rallying late in the U.S. day
following a set of FOMC minutes that was viewed as slightly dovish
and noncommittal even regarding next month's rate decision, the
associated depreciation of the U.S. dollar helped to drive
flat-to-slightly-softer equity markets across Asia," said Chris
Scicluna of Daiwa Capital Markets in a note.
What could help drive markets?
U.S. financial markets will be completely shut on Thursday in
observance of the Thanksgiving Day holiday, and trading closes
early on Friday. Roughly half of normal trading volumes are
expected on Friday.
Read:When do markets close for Thanksgiving?
(http://www.marketwatch.com/story/when-do-markets-close-for-thanksgiving-2017-11-17)
And check out:6 things all investors should be thankful for
(http://www.marketwatch.com/story/6-things-all-investors-should-be-thankful-for-2017-11-22)
Retailers could be in focus when investors return Friday on one
of the biggest shopping days of the year -- Black Friday.
Amazon.com Inc.(AMZN) and Wal-Mart Stores Inc.(WMT) are among the
companies expected to compete for buyers' attention with a wide
range of deals.
Read:How Goldman Sachs says you should play retail stocks ahead
of Black Friday
(http://www.marketwatch.com/story/heres-how-tied-retail-stocks-are-to-black-friday-and-holiday-shopping-2017-11-16)
(http://www.marketwatch.com/story/heres-how-tied-retail-stocks-are-to-black-friday-and-holiday-shopping-2017-11-16)Opinion:Investors
can feel safe ignoring the Black Friday and Cyber Monday shopping
reports
(http://www.marketwatch.com/story/black-friday-shopping-wont-signal-the-stock-markets-december-path-2017-11-22)
What are other assets doing?
European stocks were mostly lower, while Asian markets logged
losses
(http://www.marketwatch.com/story/tech-stocks-lead-broad-gains-by-asian-markets-2017-11-20).
The Shanghai Composite slumped 2.3%
(http://www.marketwatch.com/story/chinese-stocks-fall-other-asian-markets-mostly-quiet-2017-11-22)
amid concerns about regulatory moves in China to tighten up
financial conditions. It marked the first time since Aug. 25 that
the index finished with a drop or gain of at least 1%.
Oil futures pulled back, but stayed near their highest level
(http://www.marketwatch.com/story/oil-hovers-near-highest-levels-since-2015-as-supply-data-spreads-cheer-2017-11-23)
since June 2015. They rose Wednesday after the release of data that
showed a drop in U.S. crude supplies
(http://www.marketwatch.com/story/oil-hovers-near-highest-levels-since-2015-as-supply-data-spreads-cheer-2017-11-23).
The ICE U.S. Dollar Index was largely flat, while gold futures
dipped.
(END) Dow Jones Newswires
November 23, 2017 05:08 ET (10:08 GMT)
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