Dow, S&P 500, Nasdaq futures inch up as Wall Street looks to keep rallying into Thanksgiving

US stock futures were little changed Tuesday night, with Wall Street pausing after notching back-to-back sharp gains to begin the holiday-shortened week.

Dow Jones Industrial Average futures (YM=F) inched up, holding above the flatline. Contracts tied to the S&P 500 (ES=F) and Nasdaq 100 (NQ=F) also hovered in positive territory.

The major indexes on Tuesday finished solidly higher, led by a 660-point jump in the Dow, its third straight advance. Tech shares also helped buoy the broader market: Alphabet (GOOG) closed at fresh record highs after reports that Meta (META) may adopt Google’s TPU chips as early as 2027. Nvidia (NVDA), however, retreated more than 2.5% as the chip maker’s dominance in the field came under threat.

Investors continue to watch the Federal Reserve’s next move closely. Markets are pricing in an 85% probability of a December quarter-point rate cut, according to the CME FedWatch tool, helping bolster investor spirits. Meanwhile, palace intrigue at the central bank continues to pick up steam, with five finalists on President Trump’s shortlist to take Chair Jerome Powell’s place next year.

Wall Street’s rally in the past handful of sessions has put a dent in what had been shaping up to be a tough month. Concerns about stretched valuations have tempered enthusiasm for megacap tech names. The S&P 500 (^GSPC) and the Dow (^DJI) remain down just over 1% in November, while the tech-heavy Nasdaq Composite has shed nearly 3%.

In a holiday-shortened week, earnings and economic data hit their peak on Tuesday with big-box retailers posting better-than-expected results and shutdown-delayed economic data finally reaching investors. Deere & Company (DE) is the biggest name left on this week’s earnings calendar, with markets shuttered Thursday and finishing at 1 p.m. ET on Friday.