S&P, Dow, Nasdaq Futures Start Steady in Holiday-Shortened Trading Week

At the beginning of a week shortened due to the Thanksgiving holiday, futures for major U.S. stock indexes such as the S&P, Dow, and Nasdaq showed minimal change, suggesting a quiet opening in the markets. With an absence of significant economic indicators set to release prior to the trading session, investors are poised for a comparatively still market period.

Modest Movements in Index Futures

Specifically, S&P futures (SPX), Dow futures (INDU), and Nasdaq 100 futures (NDX:IND) hovered near the break-even mark as the week kicked off. The lack of economic data and the focus on the upcoming holiday have diminished the potential for significant market shifts.

Market Outlook Amidst Sparse Economic Data

Veteran analysts, like SocGen's Kit Juckes, forecast a subdued data week, implying that there might be limited factors to alter the prevailing market sentiment. Juckes underscored the anticipation of a 'soft-landing' in the U.S. and highlighted notable economic reports such as European PMI and U.S. PMIs. However, he suggested that the markets would likely pay more attention to subsequent releases like the ISM data, employment figures, CPI, and the Federal Open Market Committee's (FOMC) decisions in the following weeks.

Treasury Yield Dynamics

The Treasury yields showed slight shifts. The 10-year Treasury yield (US10Y) witnessed a small increase by 2 basis points, reaching 4.46%. Meanwhile, the 2-year yield (US2Y) remained unchanged at 4.90%.

Anticipated Economic Indicator

Despite a quiet start, market participants are eyeing the upcoming release of the October measure for leading economic indicators. Forecasters are anticipating a decline of 0.7%, which might provide some insight into future economic trends.

S&P, Dow, Nasdaq