US equity futures opened little changed on Sunday evening, heading into a shortened Thanksgiving holiday week, with the major averages all coming off their third straight winning performance.
Futures for the Dow Jones industrial average fell 16 points, or less than 0.1%. S&P 500 futures were down 5 points, or 0.1%, and Nasdaq 100 futures were down 37 points, or 0.2%.
The S&P 500 closed 2.2% higher last week and the Dow closed 1.9% higher, marking the first three-week streak for the indexes since July. The Nasdaq Composite ended the week 2.4% higher, its best week since June.
The benchmark U.S. 10-year Treasury closed Friday at its lowest level since Sept. 20, with some traders expecting Treasury yields to continue to compete with stocks and become more attractive to investors.
Still, market bulls will be upbeat for the end of the year, especially after cooler-than-expected U.S. inflation data released last week calmed investors’ nerves about stubbornly high prices and gave hope that the Federal Reserve may hold off on raising interest rates.
“In fact, I think we could see a record high by the end of the year,” Bill Baruch, founder of Blue Line Futures, told CNBC’s “Halftime Report” on Friday. “It’s been one of the healthiest consolidations in the last couple of days.”
Ahead of a Thanksgiving-shortened week, traders await Nvidia’s earnings and forward guidance on Tuesday. The chipmaker, whose stock price has soared this year amid the frenzy surrounding artificial intelligence, is expected to beat revenue and earnings estimates for the third quarter, analysts polled by FactSet said. However, there are still concerns about the company’s valuation.
Investors and tech experts were rattled by the sudden ouster of OpenAI’s former CEO Sam Altman on Friday and the resignation of other top executives and employees at the Microsoft-backed company.
Trading around the Thanksgiving holiday has been brisk in recent years, but November is still the best-performing month for the S&P 500, according to the Stock Trader’s Almanac.