Stocks Set to Open Higher as Investors Await Key U.S. Economic Data

Economic Outlook - New York Fed President John Williams indicated potential for interest rate cuts due to a weakening labor market [1] - Boston Fed President Susan Collins suggested maintaining current interest rates as inflation remains elevated [1] - Dallas Fed President Lorie Logan expressed skepticism about further rate cuts unless inflation decreases more rapidly or the labor market cools significantly [1] Economic Data - U.S. S&P Global manufacturing PMI fell to 51.9 in November, slightly below expectations of 52.0 [1] - S&P Global services PMI unexpectedly rose to 55.0, exceeding expectations of 54.6 [1] - University of Michigan's consumer sentiment index for November was revised to 51.0, stronger than the expected 50.6 [1] Market Performance - Wall Street's major equity averages closed higher, with Ross Stores (ROST) gaining over 8% after positive Q3 results and raised earnings guidance [3] - GlobalFoundries (GFS) and ON Semiconductor (ON) saw gains of over 5% and 4% respectively, while Intuit (INTU) rose more than 4% following strong FQ1 results [3] - Veeva Systems (VEEV) experienced a decline of over 9% after reporting weaker-than-expected Q3 adjusted gross margin [3] Investor Sentiment - Lower bond yields are supporting stock index futures, with expectations for a Fed rate cut in December [4] - U.S. rate futures indicate a 75.5% chance of a 25 basis point rate cut at the December Fed meeting [5] Upcoming Economic Reports - Investors are closely monitoring delayed economic data including September Retail Sales, Producer Price Index, and Durable Goods Orders [6] - Other significant data releases include Consumer Confidence Index, Pending Home Sales, and Initial Jobless Claims [6] Earnings Reports - High-profile companies such as Dell Technologies, HP Inc., and Analog Devices are scheduled to release quarterly results this week [7] Federal Reserve Insights - The Fed's Beige Book survey will provide updates on economic conditions, likely highlighting weaknesses in employment and activity [8]