Futures slip, Tesla reveals Cybertruck pricing - what's moving markets
Investing.com -- Traders look ahead to the start of the final month of trading in 2023 following a positive November for stocks on Wall Street. Elsewhere, Tesla (NASDAQ:TSLA) reveals a price tag for the cheapest model of its futuristic-looking Cybertruck that is well above boss Elon Musk's initial estimates, and a private survey shows Chinese manufacturing activity unexpectedly expanded last month.
1. Futures dip early gains; Powell appearances ahead
U.S. stock futures slipped on Friday, reversing earlier gains, after equities on Wall Street finished off their best month since 2022 in the previous session (more below).
By 08:08 ET (13:08 GMT), the Dow futures contract was mostly unchanged, S&P 500 futures had dipped by 11 points or 0.2%, and Nasdaq 100 futures had fallen by 62 points or 0.4%.
In the last day of trading of November, the 30-stock Dow Jones Industrial Average jumped by 1.5% to its highest close since January of last year and the benchmark S&P 500 advanced by 0.4%, while the tech-heavy Nasdaq Composite dipped by 0.2%. Both the Dow and S&P are on track to post a winning week, although the Nasdaq is on pace to snap four consecutive positive weeks.
Investors were pouring through data on Thursday that showed the Federal Reserve's preferred inflation gauge cooled in October. The figures helped to bolster bets that the U.S. central bank may have completed its long-standing campaign of interest rate hikes.
Heading into the start of a new month of trading, markets will be keeping an eye on statements from Fed Chair Jerome Powell, who is slated to participate in two separate discussions on Friday.
2. U.S. stocks rally in November
Throughout November, hopes that the Fed's tightening cycle could be over boosted U.S.
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