Dow Futures Hold Near 30,000 Heading Into Thanksgiving Break

The Wednesday Market Minute

  • Global stocks hit a record high following yesterday’s rally on Wall Street that lifted the Dow Jones Industrial Average past the 30,000 point mark for the first time in history.
  • Record closes on Wall Street come amid renewed vaccine hopes, a Biden transition to the White House and better-than-expected activity data from the world’s biggest economy.
  • A deluge of economic data Wednesday, as well as market closures on Thursday and thin liquidity Friday, keep gains in check in pre-market trading.
  • Oil prices extend gains on energy demand bets, lifting prices to the highest since early March, while the dollar continues to edge lower, on pace for its worst year since 2017.
  • Wall Street futures point to softer open ahead of GDP data, weekly jobless claims and durable goods orders at 8:30 am Eastern time as well as third quarter earnings from Deere & Co.

U.S. equity futures edged lower Wednesday, with the Dow holding just above the 30,000 point mark it breached during yesterday’s rally, as markets braced for a pre-Thanksgiving deluge of economic data while tracking coronavirus infection rates at home and abroad. 

The Dow’s historic breakthrough on Tuesday, which was part of a 450 rally on the session that added to the benchmark’s best monthly performance since 1987, prompted the broadest measure of global stocks — the MSCI World Index — into a fresh record high Wednesday as investors continue to bet on a post-COVID recovery and a new and outward-looking administration in the White House.

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