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Major market averages pushed higher on Monday morning as traders and investors start the holiday shortened week.
Early on and the Nasdaq Composite (COMP.IND) was +0.5%, the S&P 500 (SP500) was +0.2%, and the Dow (DJI) was +0.1%.
“We have a quiet week ahead for economic data and with Thanksgiving potentially a distraction for some, there isn’t a lot to challenge the market’s view that a US soft-landing is coming,” SocGen’s Kit Juckes said. “European PMI data on Friday could be a reminder that growth on this side of the Atlantic isn’t anything to write home about, but US PMIs will be ignored in favor of waiting for ISM a week later (and then payrolls a week after that, followed by CPI and the FOMC).”
The 10-year Treasury yield (US10Y) rose 1 basis point to 4.45% and the 2-year yield (US2Y) was up 1 basis point to 4.89%.
Shortly, the October measure of leading economic indicators is out. Economists expect a drop of 0.7%.
