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U.S. stock futures on Thursday were slightly lower after a rally in the previous session, as activity winds down ahead of the holidays.
What’s happening
-
Futures on the Dow Jones Industrial Average
YM00,
-0.26%
fell 0.1%, or 33 points, to 33536 -
Futures on the S&P 500
ES00,
-0.24%
fell 3 points, or 0.1%, to 3902 -
Futures on the Nasdaq 100
NQ00,
-0.24%
fell 10 points, or 0.1%, to 11324
On Wednesday, the Dow Jones Industrial Average
DJIA,
rose 527 points, or 1.6%, to 33376, the S&P 500
SPX,
increased 57 points, or 1.49%, to 3878, and the Nasdaq Composite
COMP,
gained 162 points, or 1.54%, to 10709.
What’s driving markets
Volumes are starting to dry up as the year winds down, making markets more susceptible to bigger moves. According to Dow Jones Market Data, Wednesday saw the least combined volume on major exchanges since Nov. 29.
Data showing a rebound in consumer confidence and well-received earnings from FedEx and Nike also have helped, though the latest report on housing show that segment of the economy deteriorating.
“Even if we see some further recovery due to holiday-thin liquidity or end-of-year portfolio rebalancing next week, stocks could resume their slide at the turn of the year,” said Charalampos Pissouros, senior investment analyst at XM.
Thursday’s economic data is set to include a revision to third-quarter GDP, weekly jobless claims, and the Conference Board’s index of leading economic indicator. Friday will see the release of the PCE price index, the Federal Reserve’s preferred measure of inflation.
