US stock futures experienced a modest uptick Thursday evening after market closures for the Thanksgiving holiday. Futures tied to the Dow Jones Industrial Average saw an increase of 0.1%, while contracts associated with the S&P 500 and Nasdaq-100 also rose by 0.1%. Despite these gains, the Nasdaq Composite is set to end a seven-month streak of upward momentum.
As trading resumes on Friday, the stock market faces a challenging outlook for November. A notable downturn in megacap technology stocks has contributed to a decline this month, as investors take a closer look at how quickly companies driven by artificial intelligence can convert substantial hype into enduring profitability. As of Wednesday’s market close, both the Dow and S&P 500 showed slight decreases for the month, on track to end a six-month winning streak. The Nasdaq has experienced a 2% drop, jeopardizing its own impressive seven-month climb.
With the end of November approaching, analysts are beginning to formulate their forecasts for the upcoming year. Deutsche Bank has set an ambitious target for the S&P 500, projecting it could reach 8,000 by the close of 2026, although this estimate represents the upper limit of industry projections. Meanwhile, HSBC and JPMorgan anticipate that the benchmark index will stabilize around the 7,500 mark.
The stock market was closed on Thursday in observance of Thanksgiving and will operate on an early schedule, closing at 1 p.m. ET on Friday. Earnings reports have slowed significantly, with no major announcements expected for the remainder of the week. As investors look ahead, the focus will likely turn to how market dynamics will evolve in the face of shifting technology stock performances and broader economic indicators.
