Stock futures inch up Friday after Dow notches fresh record: Live updates

U.S. stock futures climbed on Friday after the Dow Jones Industrial Average notched a fresh record, heading for its best weekly winning streak since 2019.

Dow Jones Industrial Average futures rose by 57 points, or 0.15%. S&P 500 futures inched up 0.08%, and Nasdaq 100 futures rose 0.09%.

Wall Street is coming off yet another fresh record high for the Dow on Thursday, after notching its first-ever close above 37,000 on Wednesday. The 30-stock benchmark rose 158 points, or 0.43% at 37,248.35. The S&P 500 gained 0.26% to 4,719.55. The Nasdaq Composite rose 0.19% to 14,761.56.

The S&P 500 could soon join the Dow with its own all-time high. The broader index is less than 1.6% away from a record close set in January 2022. The Nasdaq is roughly 8% away from its highest-ever close, and about 9% from its all-time intraday high.

Stocks rallied this week after the Federal Reserve on Wednesday admitted that its efforts to tamp down inflation are taking hold, and indicated three interest rate cuts are coming in 2024, buoying investor sentiment. The November retail sales data that came in stronger than expected on Thursday, following this week’s cooler inflation readings, added to hopes the Federal Reserve could navigate a soft landing.

“What we heard from Fed Chair Powell was that it’s not about the economy, it’s not about financial conditions, it’s not about the jobs market. It’s about inflation and inflation have been coming down pretty far and fast,” Anastasia Amoroso, chief investment strategist at iCapital, told CNBC’s “Closing Bell” on Thursday.

“And if we’re at a point where inflation is 2.7%, by March, that consensus is expecting interest rates are still at 5.5%,” Amoroso said. “That’s a big gap that the Fed can do something about, meaning cutting rates.”

Treasury yields plunged this week. The 10-year Treasury yield fell to below 4% despite topping 5% in October.

The major averages are headed for their seventh straight positive week. As of Thursday, the Dow is higher on the week by 2.8%. The S&P 500 is up by 2.5%, while the Nasdaq Composite rose 2.5% this week.

3 HOURS AGO

China reports fastest industrial expansion in nearly 2 years; retail sales growth misses estimates

China reported that industrial output in November expanded at the fastest pace since February last year, but retail sales growth missed expectations — a sign the world’s second-largest economy is still going through a patchy recovery.

Industrial output grew 6.6% in November from a year earlier, according to the National Bureau of Statistics Friday. This outpaced expectations for 5.6% in a Reuters poll and follows a 4.6% rise in October.

Retail sales climbed 10.1% in November from a year ago, the fastest pace of growth since May. Analysts had expected a 12.5% spike following a low base in 2022. Retail sales rose 7.6% in October.

Fixed asset investment in urban areas cumulatively grew 2.9% in the first 11 months of the year, compared with expectations for 3% growth. China’s urban unemployment rate stayed at 5% in November.

For more, please read the full story.

— Clement Tan

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