At the beginning of the week's trading, US stock futures recorded relatively stability, after the indices achieved gains for the seventh week in a row.
Dow Jones Industrial Average futures added 29 points, up 0.1%. Also, futures contracts linked to the S&P 500 and Nasdaq 100 rose by about 0.1% and 0.3%, respectively.
Last week, US indices achieved the seventh weekly gain in a row, as the week’s trading witnessed intense events, most notably the last US Federal Reserve meeting for the year 2023.
At the weekend session, the Dow Jones index rose by about 0.15% to 37,305 points, and the Nasdaq index rose by 0.35%, recording 14,813 points, while the S&P 500 stabilized, recording 4,719 points. The S&P 500 index achieved its longest streak of weekly gains since 2017.
The Dow Jones Index exceeded 37,000 points this week for the first time ever, coinciding with the US Federal Reserve’s expectations that it will implement 3 interest cuts next year.
Over the course of about two months, the Dow Jones Index went through an upward cycle, erasing all losses associated with the jump in interest rates.
Investor sentiment took a positive turn last week after the Federal Reserve indicated that three short-term interest rate cuts are expected in 2024 amid slowing inflation.
On the economic front, investors will look to the results of the Business Leaders Survey and the Housing Market Index in December.
Monday marks the start of the last full trading week of 2023.
