US stock futures opened little changed on Sunday evening, heading into the shortened Thanksgiving holiday week with all major averages on track for their third straight winning session.
Futures linked to the Dow Jones Industrial Average were down 2 points, or less than 0.1%. S&P 500 futures were down about 3 points, or nearly 0.1%, and Nasdaq 100 futures were down 34 points, or 0.2%.
The S&P 500 closed up 2.2% last week and the Dow gained 1.9%, marking the first three-week winning streak for the indices since July. The Nasdaq Composite ended the week up 2.4%, its best week since June.
The yield on the benchmark 10-year US Treasury note also ended Friday at its lowest level since 20 September, leading some traders to believe that Treasury yields will continue to compete with equities and become more attractive to investors.
But market bulls remain enthusiastic as the year draws to a close, especially after cooler-than-expected U.S. inflation data last week calmed investors’ nerves about stubbornly high prices and provided a hopeful sign that the Federal Reserve may stop raising interest rates.
“I think it’s actually quite likely that we could see record highs before the end of the year,” Bill Baruch, founder of Blue Line Futures, told CNBC’s “Halftime Report” on Friday. “This is one of the healthiest consolidations in the last few days.”
Ahead of the Thanksgiving Day-shortened week, traders are awaiting Nvidia’s earnings and guidance on Tuesday. The chipmaker, which has seen its share price soar this year amid the artificial intelligence craze, is expected to beat third-quarter earnings and revenue estimates, according to analysts polled by FactSet. However, there are still concerns about the company’s valuation.
Investors and tech watchers have also been rattled by the sudden ouster of former OpenAI CEO Sam Altman on Friday, and the resignations of other top executives and employees at the Microsoft-backed company, which has raised broader concerns about the future of the AI industry.
Trading around the Thanksgiving holiday has been choppy in recent years, but November is still the best performing month for the S&P 500, according to the Stock Traders’ Almanac.
