ZS - US Stocks On Track To Pause As Recent Gains Data-Heavy Week Render Mood Cautious: Why This Analyst Thinks Market Will Chug Along Into Year-End | Benzinga
U.S. stocks could stall at the start of the new trading week as they come off a week when all three major averages advanced solidly. Trading in the index futures points to a modestly lower opening as investors look ahead to a data-heavy week that would offer more cues on inflation, growth, the state of the housing market, and the direction of monetary policy. Crude oil prices fell at the start of the week ahead of the OPEC+ meeting scheduled for the week.
Global cues are negative as Asian stocks moved to the downside amid worries concerning the outlook for China and the U.S., while the European markets have started on the back foot.
Cues From Past Week's Trading:
The major averages advanced solidly in the holiday-shortened week ended November 24 as investors braved some negative commentary from retailers and Nvidia Corp.’s (NASDAQ:NVDA) China warning. Analysts factor in a year-end rally waiting to kick in, helping the major averages advance further for the year.
The Nasdaq Composite Index, the broader S&P 500 Index, and the 30-stock Dow Industrials Average posted their fourth straight week of advances. While the former two closed at nearly a four-month high, the Nasdaq Composite Index closed just shy off its four-month high.
Signaling the improvement in the breadth of the market rally, the Russell 2,000 Index, which was underperforming the major indices, has rebounded strongly and is in the black for the year.
US Index Performance In Week Ended Nov. 24
Index Performance (+/-) Value
Nasdaq Composite +0.89% 14,250.85
S&P 500 Index +1.00% 4,559.34
Dow Industrials +1.27% 35,390.15
Russell 2000 +0.54% 1,807.50
Analyst Color:
Carson Group’s Ryan Detrick sees the recent buoyancy in the market as a harbinger of more gains to come. In a post on X, formerly Twitter, he noted that the S&P ...