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Stock futures were flat in Sunday night trading as the market is expected to end November with historically strong gains.
Futures contracts on the Dow Jones Industrial Average gained just 10 points. Futures on S&P 500 were little changed, and futures on Nasdaq 100 gained 0.5%.
The blue-chip Dow Jones has risen 12.9% so far this month, keeping pace with its best monthly performance since January 1987, as promising vaccine developments have boosted confidence in a smooth economic reopening . The S&P 500 and Nasdaq climbed 11.3% and 11.9% respectively in November, both on track to post their strongest monthly gain since April.
Cyclical sectors, the most economically sensitive groups, led the market rally in November amid a string of positive vaccine news. Energy, the biggest loser of 2020, jumped 33.8% this month, while financials, industrials and materials all gained at least 13% during that period.
Small caps were torn apart this month as investors piled on battered value stocks. The Russell 2000 has gained 20.6% so far in November, on track for its best month ever.
“This rally has been remarkable as the rotation from growth to value has continued to gain momentum despite the negative flow of information about Covid cases which have multiplied in the country and lockdowns re-imposed in various regions of the country, ”said Chris Zaccarelli, chief investment officer. at Independent Advisor Alliance.
The market is coming off a record holiday week that saw the 30-stock Dow cross the 30,000-stock mark for the first time. The benchmark has since dipped below the threshold. The S&P 500 and Nasdaq both closed on Friday at new records.
Yet investors continue to monitor the coronavirus pandemic that has killed more than 266,000 people in the United States. Dr Anthony Fauci, the country’s leading infectious disease specialist, said on Sunday that the United States is heading for a difficult period of the pandemic in which restrictions and travel advisories will be required.
Los Angeles County, Calif., On Friday imposed a new stay-at-home order as cases rose in the nation’s most populous county. Meanwhile, New York’s public schools will begin reopening on December 7.
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