US stock futures opened stable at the beginning of the week's trading, heading into the Thanksgiving holiday week, after a strong performance of US indices over the past three weeks.
Futures contracts tied to the Dow Jones Industrial Average fell 14 points, or less than 0.1%. S&P 500 futures were flat, and Nasdaq 100 futures fell 15 points, or 0.1%.
The Standard & Poor's 500 index closed last week with an increase of 2.2%, and the Dow Jones index added 1.9%, marking the first three consecutive weeks for the indices since July. The Nasdaq Composite ended the week up 2.4%, marking its best week since June.
The yield on 10-year US Treasury bonds also ended on Friday at its lowest level since September 20, leading some investors to expect Treasury yields to continue to compete with stocks and become more attractive.
However, market bulls remain excited through the end of the year, especially after last week's unexpected US inflation data calmed markets over runaway price hikes and provided a hopeful signal that the Fed might stop... About raising interest rates.
“I actually think it's very likely that we'll see record highs before the end of the year,” Bill Baruch, founder of Blue Line Futures, told CNBC on Friday. This is one of the healthiest consolidations of the past couple of days.
Ahead of Thanksgiving week, traders await Nvidia's earnings The chipmaker, whose stock prices have soared this year amid the artificial intelligence craze, is expected to beat earnings and revenue estimates for the third quarter, according to analysts polled by FactSet. However, concerns remain about the company's valuation.
Wall Street was also rattled by Friday's surprise ouster of former OpenAI CEO Sam Altman and the resignation of other top executives and employees at the Microsoft-backed company, raising broader concerns about the future of the AI industry.
Thanksgiving holiday trading has been volatile in recent years, but November is still the best-performing month for the S&P 500, according to Stock Traders' Almanac.
