"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's end. "The S&P 500 would need to rise by just 2.2% to reach 7,000," he added. "That could happen this coming week, in our view.""
"Futures tied to the Dow Jones industrial average fell 48 points on Sunday, or 0.1%. S&P 500 futures were down 0.13%, and Nasdaq futures slipped 0.12%. 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. Gold rose 0.1% to $4,259.50 per ounce."
Global markets showed modest moves ahead of key policy and political events. Equity futures slipped slightly while the 10-year Treasury yield rose to 4.032%. Commodities and crypto saw small directional changes, with gold up and bitcoin down. Ed Yardeni noted the S&P 500 moved back above its 50-day moving average and projected a year-end target of 7,000, requiring only a 2.2% gain. Market optimism for a December rate cut supported the rebound, and prediction markets surged on the possibility of Kevin Hassett receiving a Fed chair nomination from President Trump. A Tennessee special election could further affect the GOP House majority.
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