S&P 500 Futures Push Higher With Record in Sight: Markets Wrap

(Bloomberg) — The S&P 500 is set to continue its advance toward an all-time high as expected interest-rate cuts and confidence in the economy fuel traders’ appetite for risk. Treasuries are on track for their worst week since June.

Futures on the US benchmark rose on Friday after the index closed within 0.5% of a fresh record. The gauge is set for its first back-to-back weekly gain since October, signaling that traders are shaking off recent jitters over valuations and the lack of visibility on the economy during the government shutdown.

Nasdaq 100 contracts climbed 0.2%. Sentiment toward technology stocks got a boost after Nvidia Corp. partner Hon Hai Precision Industry Co. reported strong sales. Moore Threads Technology Co., a leading Chinese AI chipmaker, jumped 425% in its Shanghai trading debut. Netflix Inc., meanwhile, fell more than 4% in the premarket after agreeing a tie-up with Warner Bros. Discovery Inc.

With a rate cut next week largely priced in and bets pointing to further easing into 2026, investors are gearing up for a year-end rally in what is typically a supportive month for stocks. Growing confidence that the US economy remains resilient, despite softer employment, is also prompting rotations into stocks that tend to benefit from domestic strength.

“Santa will bring presents for everybody, toys for the kids and gains for investors,” said Stephan Kemper, chief investment strategist at BNP Paribas Wealth Management. “Apart from the regular seasonality there are plenty of other reasons supporting the market: rate cuts and ongoing M&A activity are some of them.”

Treasuries extended losses, with the 10-year yield rising two basis point to 4.11% to take rates about 10 basis points higher in the week. The bulk of the moves came Monday after a deluge of corporate debt sales and a warning of a potential rate hike by the Bank of Japan.

Later on Friday, markets will a get a dated reading on the Federal Reserve’s preferred inflation gauge. The figures will include the personal consumption expenditures price index and a core measure that excludes food and energy.

Economist project a third-straight 0.2% increase in the core index for September. That would keep the year-over-year figure hovering a little below 3%, a sign that inflationary pressures are stable, yet sticky.

While the data is unlikely to derail a December rate cut, it “may change the tone from Chairman Powell,” said Wolf von Rotberg, equity strategist at Bank J Safra Sarasin. “If he emphasizes inflation risks in his press conference, markets may reprice the rate trajectory for 2026, thereby increasing the pressure on the long end of the curve and on equity market valuations.”

The September income and spending report — also delayed because of a government shutdown — is due to be released as well.

In a sign that institutional appetite for the world’s largest cryptocurrency remains subdued, BlackRock Inc.’s iShares Bitcoin Trust recorded its longest streak of weekly withdrawals since debuting in January 2024.

Investors pulled more than $2.7 billion from the exchange-traded fund over the five weeks to Nov. 28, according to data compiled by Bloomberg. With an additional $113 million of redemptions on Thursday, the ETF is now on pace for a sixth straight week of net outflows. Bitcoin fell below $91,000 on Friday.

In commodities, copper rose to a record after a bullish price outlook from Citigroup Inc. and expectations of a shortage caused by stockpiling in the US. Brent crude fluctuated near $63 a barrel. Gold headed for back-to-back gains.

Corporate News

Netflix Inc. agreed to buy Warner Bros. Discovery Inc. in a historic combination, joining the world’s dominant paid streaming service with one of Hollywood’s oldest and most revered studios. Southwest Airlines Co. lowered its operating profit target for the full year, citing the fallout from the recent US government shutdown as well as higher fuel prices. Health-care group Cooper Cos’ shares jumped in premarket trading after a guidance beat and the launch of a strategic review. Moore Threads Technology Co., a leading Chinese artificial intelligence chipmaker, soared as much as 502% in its Shanghai debut after raising 8 billion yuan ($1.13 billion) in an IPO. Nvidia Corp. would be barred from shipping advanced artificial intelligence chips to China under bipartisan legislation unveiled Thursday in a bid to codify existing US restrictions on exports of advanced semiconductors to the Chinese market. Some of the main moves in markets:

Stocks

S&P 500 futures rose 0.1% as of 8:25 a.m. New York time Nasdaq 100 futures rose 0.2% Futures on the Dow Jones Industrial Average were little changed The Stoxx Europe 600 rose 0.4% The MSCI World Index was little changed Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1648 The British pound rose 0.1% to $1.3345 The Japanese yen was little changed at 155.21 per dollar Cryptocurrencies

Bitcoin fell 1.3% to $90,955.84 Ether rose 0.1% to $3,128.06 Bonds

The yield on 10-year Treasuries advanced two basis points to 4.11% Germany’s 10-year yield advanced one basis point to 2.78% Britain’s 10-year yield advanced one basis point to 4.45% Commodities

West Texas Intermediate crude was little changed Spot gold rose 0.5% to $4,229.10 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Neil Campling and Sidhartha Shukla.

©2025 Bloomberg L.P.