Stock futures declined in overnight trading on Sunday following the S&P 500’s new 2023 high after a five-week winning streak. Dow Jones Industrial Average and S&P 500 futures were down 0.02% and 0.17%, respectively, while Nasdaq 100 futures dipped 0.37%.
Alaska Airlines shares fell over 1% after the announcement of a $1.9 billion deal to acquire rival Hawaiian Airlines, signaling an expansion effort for both carriers along the West Coast.
The S&P 500, reaching its highest level since March 2022 on Friday, has gained almost 20% year-to-date. The Dow Jones, up 9.4% for the year, and the Nasdaq Composite, with a 37% increase in 2023, have also experienced positive momentum. Stock futures declined
Investors are speculating that the Federal Reserve will maintain its current stance at the upcoming policy meeting, anticipating rate cuts in the coming year. Despite Fed Chairman Jerome Powell’s efforts to temper rate-cut expectations, some investors view the current market rally as unsustainable.
November marked significant gains, with the Dow having its best month since October 2022, and the S&P 500 and Nasdaq Composite experiencing their most substantial monthly increases since July 2022.
Investors are eagerly awaiting the November jobs report, scheduled for release on Friday, to gain insights into whether the Fed will cease its rate hikes. Economists polled by Dow Jones expect the addition of 190,000 payrolls to the economy.
The pan-European Stoxx 600 hovered just below the flatline in early trade, with mining stocks shedding 1.5% to lead loses while retail stocks added 0.8%.