US stock futures stabilized, Monday, December 4, after the S&P 500 index reached a new high in 2023 after a five-week winning streak.
Dow Jones Industrial Average futures and S&P 500 futures were flat. While Nasdaq 100 futures fell by 0.2%.
Shares of Alaska Airlines fell more than 1% in overnight trading after news that it had agreed to acquire rival Hawaiian Airlines in a deal worth $1.9 billion. The move represents an effort by both companies to expand along the West Coast.
The S&P 500 rose to its highest level since March 2022 on Friday, bringing its year-to-date gains to nearly 20%. The Dow Jones also advanced for five straight weeks and is up 9.4% for the year. The Nasdaq index also rose by 37% in 2023.
The latest rise came as investors are increasingly betting that the Fed will hold interest rates at its policy meeting this month and begin cutting interest rates next year.
The market turned a blind eye to Federal Reserve Chairman Jerome Powell's efforts to tame interest rate cut expectations, when he said it was too early to expect policy easing.
November was the Dow's best month since October 2022. The S&P 500 and Nasdaq both posted their biggest monthly gains since July 2022.
Investors are awaiting the November jobs report, scheduled for release on Friday. Economists expect the economy to have added 190,000 jobs.
