Meanwhile, the coming week could see President Donald Trump nominate a successor to Federal Reserve Chairman Jerome Powell, and a special election in Tennessee could further narrow the GOP\u2019s House majority.<\/p>\n
Futures tied to the\u00a0Dow\u00a0Jones industrial average fell 48 points on Sunday, or 0.1%. S&P 500 futures were down 0.13%, and\u00a0Nasdaq\u00a0futures slipped 0.12%.<\/p>\n
The yield on the 10-year Treasury rose 1.3 basis points to 4.032%. The U.S. dollar was down 0.04% against the euro and down 0.15% against the yen.\u00a0<\/p>\n
Gold rose 0.1% to $4,259.50 per ounce. U.S. oil futures climbed 1.55% to $59.46 a barrel, and bitcoin dipped 0.39% to $90,450.<\/p>\n
On Saturday, market veteran Ed Yardeni pointed out in a note that the S&P 500 had crossed back above its 50-day moving average, and backed his view for the broad market index to hit 7,000 by year\u2019s end, surpassing the record high of 6,920.<\/p>\n
\u201cThe S&P 500 would need to rise by just 2.2% to reach 7,000,\u201d he added. \u201cThat could happen this coming week, in our view.\u201d<\/p>\n
Considering the S&P 500 jumped nearly 4% in a trading week shortened by the Thanksgiving holiday, a 2.2% gain isn\u2019t much of a stretch.<\/p>\n
The market\u2019s rebound was fueled by hopes that another rate cut later this month is still on the table, after some hawkish policymakers previously hinted at a wait-and-see stance.<\/p>\n
But Trump could further stoke more dovish views if he reveals who is choice will be to take over as Fed chair when Powell\u2019s term expires in May.<\/p>\n
\u201cI know who I\u2019m going to pick as Fed chair. I will announce it soon,\u201d Trump told reporters on Sunday.<\/p>\n
He declined to confirm if Kevin Hassett, director of the National Economic Council, will be the one. But odds on prediction markets have soared in his favor, with Kalshi showing a 66% probability<\/a> that Hassett will be nominated.<\/p>\n