GMBStaff

 24 Nov 23

tl;dr

Stock index futures were mixed on Black Friday with trading set to end early. Dow, S&P, and Nasdaq futures were all showing different directions as the stock market closed at 1 p.m. ET and the bond market closed at 2 p.m. ET. Deutsche Bank's Jim Reid noted that the Thanksgiving holiday resulted i...

Stock index futures were mixed on Black Friday with trading set to end early. Dow, S&P, and Nasdaq futures were all showing different directions as the stock market closed at 1 p.m. ET and the bond market closed at 2 p.m. ET.

Deutsche Bank's Jim Reid noted that the Thanksgiving holiday resulted in a quiet 24 hours for the US markets, which were only open for a half-day. Meanwhile, an ongoing bond selloff in Europe and hawkish commentary from central bankers contributed to a pushback in the narrative that rate cuts are imminent. The 10-year Treasury yield rose by 6 basis points to 4.48% and the 2-year yield rose by 1 basis point to 4.94%. S&P Global's PMI for November forecasted a drop to 49.8 for manufacturing and a dip to 50.4 for services, shortly after the start of trading.

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