Traders work on the floor of the New York Stock Exchange (NYSE) on November 15, 2023 in New York City.
Spencer Platt | Getty Images News | Getty Images
U.S. stock futures opened higher on Wednesday evening as all three major stock indexes braced for a successful November.
Futures tied to the Dow Jones Industrial Average rose 99 points, or 0.28%. S&P 500 and Nasdaq 100 futures rose 0.07% and 0.10%, respectively.
Among the biggest gainers in Wednesday’s extended trading session were Salesforce, Snowflake and Nutanix, all of which rose on better-than-expected earnings. Salesforce rose 8%, while Snowflake and Nutanix rose more than 7%.
Although the 30-stock Dow Jones and S&P 500 ended Wednesday’s session near zero, the two indexes are only about 0.5% and 0.8%, respectively, from their year-to-date closing highs. The tech-heavy Nasdaq Composite was down 0.16% on the day, but is also around 0.7% away from its 2023 closing high.
The major averages remain on track to end November with significant gains, ending a three-month losing streak for the indices. The S&P 500 rose 8.5% in November, while the Nasdaq gained nearly 11%. Both averages indicate their best monthly performance since July 2022. The Dow rose 7.2% in November, on track for its best month since October 2022.
Although interest rates remain at higher levels, strategist Jay Woods has no fear of stocks giving back their gains before the end of the year.
“For me the cycle is complete. “We have regained what we lost and now we are starting to build on what we achieved at the end of 2021 when the market was hot,” the chief global strategist at Freedom Capital Markets told CNBC. “The price movement is positive. The economic data supporting the Fed to continue to keep interest rates low and potentially cut them is a huge tailwind.”
Big Lots, Express and Kroger are expected to report earnings before the market closes on Thursday. Traders will also pay attention to the October reading for personal consumption expenditures, a key inflation indicator for the Federal Reserve. Weekly unemployment claims are also due.