U.S. stock futures rose on Monday, with tech stocks pointing to another record, as a holiday shortened week that has historically often proven bullish for equities kicked off.
While the National Retail Federation is predicting November and December holiday sales will rise 8.5% to 10% this year to around $850 billion, part of that comes from the higher cost of goods. “But the good news is, people still have money to spend, even though they get less goods and services in exchange of what’s spent,” Ozkardeshkaya said.
Another big focus this week is an expected announcement of President Joe Biden’s nomination to head the Federal Reserve. Some expect Tuesday will be the day as Biden is scheduled to give a speech to the American people on the economy and a fight against inflation. His choice is believed to be between current Fed Chairman Jerome Powell and Fed Gov. Lael Brainard.