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US Stock Futures:
US stock futures rise to conclude November, with S&P 500 and Nasdaq futures up about 0.3% and Dow Jones up more than 180 points.
Traders eagerly await fresh PCE inflation, consumer spending, and claims data for further economic insights.
Salesforce shares surged approximately 9% in premarket trading following upbeat quarterly results.
November marked the best performance for major averages since late 2022, with the S&P 500 up 8.5%, the Nasdaq soaring about 11%, and the Dow up 7.2%.
Currency and Interest Rates:
Dollar index strengthens to 103.2 on the last day of November.
Euro weakens due to below-forecast inflation figures for the Euro Area.
November sees the dollar decline about 3%, its largest loss in a year.
Dollar remains close to mid-August levels amid growing speculation of the Fed ending its tightening campaign and potential rate cuts next year.
US Treasury Yield:
Yield on the US 10-year Treasury remains below 4.3%, holding at over a two-month low.
Recent data shows US GDP expanded by 5.2% in Q3, exceeding earlier estimates.
Sharp GDP growth underscores the economy’s resilience to the Fed’s aggressive tightening.
Signs of disinflation and hints of the labor market and manufacturing sector yielding to higher borrowing costs have led to a shift in Fed members’ hawkish signals.
Money markets anticipate rate cuts as soon as Q2 2024, resulting in nearly a 60bps drop in the 10-year note yield for November.
2 Mpnths AgoE-mini S&P 500 PerspectiveThe market closed with a multiple distribution profile after it auctioned out of the balanced price range, hitting absorption that brought it back into the bracket. It is currently filling a low volume area, and the lower distribution extremes might act as buying levels. However, this depends on the potential bearish behavior due to the positive volatility in today’s session. 
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