Global Stocks Rise, U.S. Futures Climb on Thanksgiving—and What Else Is Happening in the Stock Market Today

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Wall Street gets Thanksgiving off.

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ANGELA WEIS/AFP/GETTY IMAGES

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The Thanksgiving holiday marks the beginning of a period of calm for the markets as US traders take the day off. But, nevertheless, equities around the world were trading higher and US stock market futures got a boost.

The New York Stock Exchange and Nasdaq are both closed on Thanksgiving, as are the US bond and over-the-counter markets. Stock and bond markets will trade during the hours on Friday.

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But trading continued on Thursday in the futures trading of the US stock market. Futures for the Dow Jones Industrial Average were up nearly 60 points, or 0.2%, after closing 9 points lower on Wednesday at 35,804. Futures for the S&P 500 and Nasdaq were similarly lifted.

Overseas, the pan-European Stokes 600 index was 0.3% higher. The Hang Seng Index in Hong Kong rose 0.2%.

Little has changed on the macro front since Wednesday, when investors absorbed a wave of economic data—including the latest meeting minutes from the Federal Reserve’s monetary policy committee—and sent stocks mostly higher.

Jim Reid, a Deutsche Bank strategist, said: “Today will prove to be a calm day in the markets given the Thanksgiving holiday in the US.” “But before that, riskier assets finally mounted a wall of worry yesterday as investors moved to dial down their hawkish bets on the Fed’s policy trajectory, just as the latest Covid wave in Europe contributed to investor concerns. “

Upbeat economic indicators on Wednesday prompted investors to raise hopes that the Fed will move to reduce support from the market and the economy.

Deutsche Bank analysts expect the central bank to double the pace of its taper after better-than-expected and employment data after its December meeting — slowing pandemic-era monthly asset purchases.

“Investors were fully pricing in the hike by June until the close of trading, and were pricing in about a two-thirds chance of a hike in May,” Reid said. “They are still forecasting three full hikes in the next calendar year.”

While the landscape is barren for US economic data, in Europe, European Central Bank President Christine Lagarde will speak, as will Bank of England Governor Andrew Bailey.

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