U.S. stock futures rise after Wall Street wraps up historically good month

U.S. stock futures rose on Monday evening after the main averages notched clear month gains for November.

Dow Jones Industrial Average futures traded 40 points higher, or 0.1 %. S&P 500 and Nasdaq 100 futures advanced 0.2 % as well as 0.4 %, respectively.

The Dow rallied 11.8 % in November, posting its best one-month overall performance since January 1987. The S&P 500 as well as Nasdaq Composite rose 10.8 % as well as 11.8 %, respectively, for the strongest monthly developments of theirs since April.

November’s rally emerged amid a slew of good coronavirus vaccine news, that lifted optimism of a strong economic recovery and sparked a surge inside beaten-down value names. The iShares Russell 1000 Value ETF (IWD) rallied 13.4 % with the month, and outpaced its growth counterpart, the iShares Russell 1000 Growth ETF (IWF) by three much more than percentage points.

“Vaccine news has extra buoyed spirits with a number of therapeutic/preventative illumination today at the conclusion of the pandemic tunnel being another set of good data points,” wrote Tobias Levkovich, chief U.S. equity strategist at Citi. Nevertheless, he added investors could be getting much too complacent about the odds the market still faces.

Now, the industry is both “anticipating an even better 2021 profits outlook possibly tied to quick inoculation-driven recovery and continued business cost containment, or perhaps the S&P 500 may be ahead of itself in the near term, particularly when considering no new short term fiscal stimulus as well as the effect of second wave outbreaks,” Levkovich said.

Information compiled by Johns Hopkins Faculty shows that greater than thirteen million Covid 19 cases have been established in the U.S. along with over 266,000 deaths. In New York, Gov. Andrew Cuomo said the state was applying emergency hospital methods as cases continue to rise.

Meanwhile, Federal Reserve Chairman Jerome Powell called the U.S. economic perspective “extraordinarily uncertain.”

“The rise in new COVID 19 cases, both abroad and here, is actually regarding and might prove demanding for the next few months,” Powell said in prepared remarks. “A complete economic recovery is improbable until people are confident that it is safe to reengage in an extensive range of activities.”

Shares of Zoom Video dipped more than four % in after hours trading despite the video-conferencing giant reporting better-than-expected earnings for the third quarter. Tesla’s stock popped 3.4 % after S&P Dow Jones Indices said the electric car maker is going to be included with the S&P 500 on Dec. twenty one in a single step.