Futures associated to the S&P 500 and Dow were subdued on Wednesday, a day after the blue-chip crossed 30,000, with focus turning to the weekly unemployment claims report for indications on whether an economic recovery was gathering pace.
The Labor Department’s report is expected to display unemployment claims which dipped slightly last week, although fresh restrictions in numerous states to control coronavirus infections could again slow the labor market’s rebound from a recession.
Hopes of a vaccine and recent data suggesting business activity would jump back next year have elevated Wall Street’s major indexes to record highs this month and set the benchmark S&P 500 on course for its best November ever.
Market participants said they expected US stocks to rise even higher, with a recent Reuters poll indicating the S&P 500 is guaranteed to climb another 9% between now and the end of 2021. The index soared 66% since the coronavirus-led crash in March and is up roughly 12.5% so far this year.