Stock Futures Climb Ahead of Shortened Trading Week

Stocks are poised to open higher in New York on Monday. (NYSE)

Key Points

• Stock futures rose ahead of a holiday-shortened week, with Dow, S&P 500, and Nasdaq futures up 0.2%, 0.2%, and 0.3% respectively.
• Third-quarter GDP growth estimates are expected to slow to an annual rate of 3.2% from 3.8% in the second quarter.
• Last week, the Dow Jones Industrial Average fell 0.7%, while the S&P 500 gained 0.1% and the Nasdaq Composite rose 0.5%.

Stock futures were rising ahead of a holiday-shortened trading week with a few economic indicators for investors to consider.

Shortly after 6 p.m. Eastern time on Sunday, Dow Jones Industrial Average futures were up 0.2%; S&P 500 futures were up 0.2%; and Nasdaq Composite futures were up 0.3%.

The stock market closes at 1 p.m. on Wednesday and is closed Thursday for Christmas. It reopens for regular trading on Friday.

On Tuesday, the Bureau of Economic Analysis will report estimates of third-quarter gross domestic product growth. The consensus estimate suggests that GDP slowed to an annual growth rate of 3.2%, down from 3.8% in the second quarter.

Also on Tuesday, the Census Bureau will release its report on manufactured durable goods for October, and the Conference Board will release its Consumer Confidence Index for December.

National Economic Council director Kevin Hassett earlier Sunday told CBS’ Face the Nation that he expects the Supreme Court will support the administration’s tariffs on imports, invoked using emergency powers.

“I also think that if they didn’t find with us, that it’s going to be pretty unlikely that they’re going to call for widespread refunds, because…It’d be very complicated,” he said.

Last week, Dow Jones Industrial Average futures closed down 0.7%, snapping a three-week winning streak in the largest one-week point and percentage drop since the week ended Nov. 21, according to Dow Jones Market Data. The Dow is up 13.1% so far this year.

The S&P 500 last week closed up 0.1%, and is up three of the past four weeks. The S&P 500 is up 16.2% this year.

The Nasdaq Composite closed up 0.5% last week, and was also up three of the past four weeks. The Nasdaq is up 20.7% this year.

Write to Janet H. Cho at janet.cho@dowjones.com