Nasdaq 100, Dow Jones, S&P 500 News: Futures Mixed After Blue Chip’s 2023 Peak

Highlights

• Dow reaches new 2023 peak.
• Disney, Ulta Beauty, Samsara see notable after-hours movement.
• Experts advise caution despite recent stock market surge.

Stock Market Sees Mixed Futures After Dow’s 2023 Peak

Stock futures presented a mixed outlook early Friday, following the Dow Jones Industrial Average’s new 2023 high and its best performing month in over a year. The 30-stock index futures saw a slight rise, while the S&P 500 and Nasdaq-100 futures experienced marginal movements, reflecting a cautious market sentiment after a robust November rally.

November’s Rally and Market Performance

The Dow Jones Industrial Average concluded November on a high note on Thursday, gaining 1.47% to reach 35,950.89, surpassing its previous 2023 peak. The S&P 500 also saw gains, while the Nasdaq Composite recorded a slight dip.

Overall, November was a record month, with the S&P and Nasdaq posting their best monthly performances since July 2022, and the Dow experiencing its best month since October 2022.

December Outlook for Major Averages

As December begins, the major stock averages are positioned strongly. The Dow is on track for its fifth consecutive winning week, a first since November 2021, and has gained 8.8% in November. The S&P 500 and Nasdaq Composite also show significant yearly gains, although they remain below their record highs.

After-Hours Stock Movers: Disney, Ulta Beauty, Samsara

In after-hours trading, Walt Disney shares saw an uptick following the reinstatement of its dividend, and Ulta Beauty’s shares surged on robust quarterly results. Samsara also showed impressive gains after beating earnings expectations and issuing positive guidance.

Cautious Investor Sentiment Ahead

Despite the recent market surge, some experts, like Wells Fargo’s Chris Harvey, urge caution for the remainder of the year and into 2024, citing concerns over potential market corrections and the unlikelihood of rate cuts until later next year.

As investors look ahead, they await earnings reports from Dominion Energy, Gartner, and Cardinal Health, along with key economic data including construction spending and ISM Manufacturing data for November.

Technical Analysis

The current market sentiment for the E-mini Dow Futures is bullish. The market is experiencing strong momentum and is trading above key moving averages. The recent price action indicates that buyers are in control, and unless there is a significant change in market conditions or sentiment, the bullish trend may continue.

The chart displays a strong uptrend, evidenced by the consistent formation of higher highs and higher lows over the recent period. The sharp upward movement in the last few sessions suggests strong bullish momentum, driving the index to new highs for the year.