Dow, S&P 500 and Nasdaq futures jump, raising hopes of rebound to offset November losses

U.S. stock futures rose late Sunday as investors expected a turnaround heading into the shortened Thanksgiving trading week, following a pullback that cooled this year’s AI-driven market rally.

Dow Jones Industrial Average futures (YM=F) added about 200 points or 0.4%, while S&P 500 futures (ES=F) rose 0.6%. Nasdaq-100 futures (NQ=F) rose 0.9%. U.S. markets will be closed Thursday for the Thanksgiving holiday and close early Friday at 1 p.m. ET.

The move comes as stocks try to extend Friday’s rally, sparked after Federal Reserve Bank of New York President John Williams suggested a December rate cut remained a possibility. Despite this, major indexes suffered notable losses in November as investors reassess the lofty valuations of AI-aligned stocks.

The S&P 500 fell 2% last week, widening its monthly decline to 3.5%. The Nasdaq Composite slipped 2.7% and is now down 6.1% in November. The Dow Jones fell 1.9% for the week and 2.8% for the month.

This week, the Supreme Court will rule on the legality of Trump’s tariffs, as the Commerce Department and the Office of the U.S. Trade Representative prepare a road map for international trade should the decision go against the administration.

As we still grapple with the impact of the longest government shutdown in U.S. history, data releases are beginning to circulate again, even though a return to the full economic calendar is still a ways off.

Traders can keep an eye on September producer price data from the Bureau of Labor Statistics and retail sales data from the Census Bureau for the same month, with both reports due Tuesday amid a rush of data ahead of the Thanksgiving weekend.

Earnings season continues with a muted week of publications. Alibaba Holdings (BABA), Dell Technologies (DELL) and a handful of retailers, including Kohl’s (KSS) and Best Buy (BBY), are the highlights of the holiday-shortened week.