Dow futures rise as benchmark nears new 2023 high: Live updates – CNBC

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Updated Wed, Nov 29 20236:45 PM EST
Traders work on the floor of the New York Stock Exchange (NYSE) on November 15, 2023 in New York City. 
Spencer Platt | Getty Images News | Getty Images

U.S. stock futures opened higher on Wednesday night as all three major stock indexes prepared to wrap a winning November.

Buy/sell, rent/lease residential &
commercials real estate properties.

Futures tied to the Dow Jones Industrial Average rose by 99 points, or 0.28%. S&P 500 and Nasdaq 100 futures climbed 0.07% and 0.10%, respectively.

The biggest gainers in Wednesday’s extended trading session included Salesforce, Snowflake and Nutanix, all rising on the back of better-than-expected earnings. Salesforce jumped 8%, while Snowflake and Nutanix added more than 7%.

Although the 30-stock Dow and the S&P 500 ended Wednesday’s trading session near the flatline, the two indexes are only about 0.5% and 0.8%, respectively, from their year-to-date closing highs. The tech-heavy Nasdaq Composite slipped 0.16% during the day, but is also roughly 0.7% away from its 2023 closing high.

The major averages remain on track to close November with sizeable gains, which would end a three-month losing streak for the indexes. The S&P 500 is up 8.5% in November, while the Nasdaq has advanced nearly 11%. Both averages are tracking for their best monthly performance since July 2022. The Dow is up 7.2% in November, on pace for its best month since October 2022.

Despite interest rates lingering at higher levels, strategist Jay Woods isn’t afraid that stocks will give up their gains before the year’s end.

“The cycle, to me, is complete. We’ve made back what we lost, and now we’re starting to build on where we were going at the end of 2021 when the market was hot,” the chief global strategist at Freedom Capital Markets told CNBC. “The price action is positive. The economic data supporting the Fed to continue to keep rates at bay and possibly decrease is a huge tailwind.”

Big Lots, Express and Kroger are set to report earnings Thursday before the bell. Traders will also watch out for October’s reading for personal consumption expenditures, a key inflation gauge for the Federal Reserve. Weekly jobless claims are also due.

10 of 11 sectors on track to end month in positive territory

10 out of the 11 sectors are on pace so far to end this month in the green.

The technology sector led the gains, up 12.82% in November. Energy, down 2.27%, was the sole laggard.

Wednesday’s trading session saw 6 out of the 11 sectors end in the positive. Real estate, up 0.73%, led the gains. On the other hand, the communication services shed 1.12%.

Similarly, 6 out of 11 sectors are positive for the week, led again to the upside by real estate, which is so far up 1.63%. Communication services stocks were again the laggards, slipping 1.27%.

— Christopher Hayes, Lisa Kailai Han

Stocks making the biggest moves after hours: Salesforce, Pure Storage and more

These are the stocks moving the most in extended hours trading:

  • Salesforce — The software giant added 8% after releasing third-quarter adjusted earnings of $2.11 per share, higher than the $2.06 per share analysts polled by LSEG were expecting. The firm’s third-quarter revenue of $8.72 billion fell in line with expectations.
  • Pure Storage — The data storage company lost 14%. Pure Storage anticipates fourth-quarter revenue will come in at $728 million, below the $918.7 million analysts had expected, according to FactSet. Pure Storage also guided for a full-year revenue of $2.82 billion, again below the expected $2.96 billion.
  • Five Below — The discount retailer was flat after coming in above analyst expectations for its third-quarter earnings.

Read the full list of stocks moving here.

— Lisa Kailai Han

Stock futures open higher

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