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Investing.com -- The Nasdaq Composite extended its winning streak to a fifth day on Friday, rising 0.65% to 23,365.69 despite closing out a losing month. The S&P 500 added 0.54% to 6,849.09, and the Dow gained 0.61% to finish at 47,716.42 in a shortened post-Thanksgiving session.
Risk appetite improved as investors grew more confident that the Federal Reserve would deliver another rate cut in December. A quarter-point reduction would mark the third straight trim following moves in September and October.
Expectations of policy easing firmed after New York Fed President John Williams said last week there was scope for “a further adjustment in the near term to the target range for the federal funds rate.”
The Dow advanced more than 3% over the week, while the S&P 500 and Nasdaq each rose more than 4%.
During November, the Nasdaq slipped almost 2%, snapping a seven-month run. The S&P 500 and Dow eked out modest gains to secure their seventh consecutive monthly advance.
Futures edge lower as investors await Powell, economic data
After ending last week on a strong note, U.S. equity futures slipped early Monday as markets turned cautious ahead of fresh economic indicators and a closely watched speech from Fed Chair Jerome Powell.
By 08:06 ET, Dow E-minis were down 0.47%, S&P 500 E-minis fell 0.74%, and Nasdaq 100 E-minis dropped around 1%.
Powell is set to speak later in the day, with investors looking for any signal around the December decision.
Despite cautious messaging from several policymakers, traders have focused on more dovish comments from key voting members and reports that White House economic adviser Kevin Hassett is a leading candidate to succeed Powell when his term ends next year.
Markets now assign an 87.6% probability of a quarter-point cut this month, nearly double the odds seen in late October.
"The Fed restarted the rate cut cycle in September after an historic 9 month pause and is likely to cut 25bp on 12/10 with more cuts in 2026," Evercore ISI strategists led by Julian Emanuel said in a note.
Historically, Consumer Staples and Consumer Discretionary sectors have been the "standout outperformers on a 6 and 12 month basis once the Fed cutting cycle starts, or in this case, restarts," they noted.
On the economic data front, the week’s highlight will be Friday’s delayed release of the September Personal Consumption Expenditures (PCE) Index, the Fed’s preferred inflation gauge.
Moreover, manufacturing readings from S&P Global and the Institute for Supply Management, due shortly after the open, are also set to provide an update on economic momentum. Recent inflation data still point to persistent pricing pressures, tempering some of the market’s optimism on policy easing.
What analysts are saying about U.S. stocks
RBC Capital Markets: "Today, we are issuing a 12-month price target for the S&P 500 of 7,750, which implies a gain of nearly 14% from the November 26, 2025, close, when we priced our models. Our 7,750 price target is the approximation of the median and average of five different models that examine S&P 500 returns in the context of investor sentiment, valuation, stocks vs. bonds, and the economic and monetary policy backdrops. The outputs of our models range from roughly 7,200 at the low end to nearly 8,000 at the high end."
Evercore ISI: "Buy “Crushed By the K” stocks - laggard Consumer Staples and Consumer Discretionary stocks in the Russell 3000 which have fallen YTD and who have experienced margin compression - to position for beaten down Consumer stock outperformance in the months ahead."
Bank of America: "Market breadth improved ending November for the first time in a few months. The NYSE Adv-Dec line rose above resistance, the percentage of stocks in the SPX trading above their 50d and 200d simple moving averages (SMAs) made a higher high, and fewer stocks in the SPX made new 52wk lows when the index did. While price is above the Nov 26 bullish gap 6776- 6784 and/or rising 50d SMA, it looks favorable for a Santa rally to commence. When SPX was up ending November in Y1 of the USPC, Dec was up 13 of 13 times on average +2.03%."