Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 29, 2024.
Brendan McDermid | Reuters
U.S. stock futures were flat Tuesday night after the S&P 500 posted a new record close.
Futures tied to the S&P 500 added just 0.04%. Nasdaq 100 futures advanced 0.2%. Dow Jones Industrial Average futures rose 83 points, or 0.2%.
During the regular session, the S&P 500 inched up by 0.05%, while the Nasdaq Composite added 0.4%. Both indexes closed at records. The 30-stock Dow was the laggard, with a decline of nearly 0.2%.
The major averages have had a tepid start to the December trading month compared to the major averages’ strong November advance following Donald Trump’s victory at the polls. However, the rally is likely to pick up again this month, according to LPL Financial portfolio strategist George Smith.
“Turning the calendar ahead to December, momentum could continue for stocks as historically it has been a good month for stock market seasonals,” he said. “These strong returns are historically often back-end loaded.”
Labor market data – the November payrolls report due Friday, in particular – could shape the next stage of the rally. Data issued on Tuesday showed that job openings totaled 7.74 million in October, topping economists’ forecasts.
On Wednesday, traders will review the ADP private payrolls report for November, which is expected to show growth of 163,000 positions, per economists polled by Dow Jones. The S&P Global U.S. Services Purchasing Managers’ Index, factory orders and durable goods are also slated for release.
On the Federal Reserve front, Chair Jerome Powell will be speaking in New York in a moderated discussion Wednesday afternoon.
On the earnings front, Chewy, Dollar Tree and Foot Locker are among the companies scheduled to report earnings Wednesday morning.
