Synovus Financial weighs merger options after drawing interest - Bloomberg
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* Futures: Dow down 0.21%, S&P off 0.08%, Nasdaq up 0.25%
By Shriya Ramakrishnan
Nov 25 (Reuters) - Futures linked to the S&P 500 and the Dow
were subdued on Wednesday, a day after the blue-chip index
crossed 30,000, with focus turning to the weekly jobless claims
report for clues on whether an economic recovery was gathering
pace.
The Labor Department's report is expected to show jobless
claims dipped slightly last week, although new restrictions in
several states to control COVID-19 infections could again slow
the labor market's rebound from a recession.
Hopes of a vaccine and recent data suggesting business
activity would bounce back next year have lifted Wall Street's
main indexes to record highs this month and set the benchmark
S&P 500 .SPX on course for its best November ever.
Market participants said they expected U.S. stocks to climb
even higher, with a recent Reuters poll showing the S&P 500 is
poised to climb another 9% between now and the end of 2021. The
index has surged 66% since the coronavirus-led crash in March
and is up about 12.5% so far this year. As investors returned to cyclical sectors such as
industrials and energy, which are set to benefit most from an
economic recovery, the S&P value index .IVX gained about 11%
this month after underperforming the benchmark index all year.
However, on Wednesday, futures linked to the Nasdaq 100
NQcv1 outperformed those tied to the S&P 500 EScv1 and the
Dow 1YMc1 , indicating that technology mega-caps could be
favored as traders also await other crucial economic indicators
due later in the day.
At 6:53 a.m. ET, Dow e-minis 1YMcv1 were down 63 points,
or 0.21%, S&P 500 e-minis EScv1 were down 2.75 points, or
0.08%, and Nasdaq 100 e-minis NQcv1 were up 30.5 points, or
0.25%.
Trading volumes are expected to be light ahead of the
Thanksgiving Day holiday on Thursday.
Among individual stocks, Gap Inc GPS.N edged lower in
premarket trading as the apparel retailer missed quarterly
profit expectations on Tuesday.