MARKET SNAPSHOT: Dow Poised To Approach 24,000 As Techs Rev Up For A Rebound, Oil Climbs

By Barbara Kollmeyer, MarketWatch , Ryan Vlastelica Features Dow Jones Newswires

Tech stocks look ready to crawl back from prior day's slump

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The Dow Jones Industrial Average was poised to open at record levels on Thursday, inching closer to 24,000 as investors grew more optimistic about the prospects for a tax overhaul out of Washington.

Meanwhile, major tech stocks, which took a battering in the prior session, showed signs of trying to recuperate from that selloff. And stock futures were also benefiting as oil prices moved higher, as major producers met in Vienna.

What are the main benchmarks doing?

Dow Jones Industrial Average futures jumped 90 points, or 0.4%, to 24,005, while S&P 500 futures rose 7.15 points, or 0.3%, to 2,632. Nasdaq-100 futures added 16.25 points, or 0.3%, to 6,321.75.

On Wednesday, the Dow industrials closed at a new high, up 0.4% to 23,940.68. The S&P 500 index edged down 0.97 point to 2,626.07. The Nasdaq Composite slumped 1.3% in its worst session in three months (http://www.marketwatch.com/story/dow-industrials-poised-to-climb-closer-to-24000-milestone-2017-11-29) as investor sold big-cap tech shares such as Apple Inc. (AAPL)

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In another sign of tech woes, the closely watched Philly Semiconductor Index suffered a 4.4% tumble, its biggest daily percentage slide since Dec. 1.

Read:Highflying tech stocks fall back toward earth (http://www.marketwatch.com/story/chipmaker-tech-selloff-drags-on-broader-market-2017-11-29)

What are the moves for the month?

For November so far, the Dow industrials are looking at a gain of around 2.4%. That would be the eighth-straight monthly win, the longest such streak since July 1995.

The S&P 500 is eyeing a monthly rise of roughly 1%. It also looks set to nail an eight-month winning streak, the longest such run since January 2007.

As for the tech-heavy Nasdaq, it is poised for 1.4% advance. That would be its fifth month of rises in a row and the longest such winning streak since May 2017.

The year itself has been a blockbuster for stocks, with the three major indexes gaining between 17% and 27% for the year, driven by economic expansion, upbeat corporate profits, lack of competition from other assets and hopes that the Trump administration and Congress will deliver on tax cuts.

Read: Goldman says highest valuations since 1900 leave investors in for a world of hurt (http://www.marketwatch.com/story/goldman-says-highest-valuations-since-1900-leave-investors-in-for-a-world-of-hurt-2017-11-29)

What could help drive the market?

Optimism was building ahead of a final vote on the Republicans' tax bill, which could take place by Thursday evening. On Wednesday, the Senate voted to open a formal debate on the proposed tax changes (http://www.marketwatch.com/story/senate-votes-to-open-debate-on-tax-bill-as-corporate-rate-still-up-in-the-air-2017-11-29).

In the latest economic data, jobless claims came in under forecasts in the latest week (http://www.marketwatch.com/story/jobless-claims-fall-slightly-in-thanksgiving-week-layoffs-remain-near-45-year-low-2017-11-30), while layoffs remain near 45-year lows. Separately, consumer spending rose 0.3% in October (http://www.marketwatch.com/story/consumers-keep-on-spending-in-october-aided-by-rising-incomes-and-low-inflation-2017-11-30), slightly above the 0.2% forecast.

Don't miss:Automation could impact 375 million jobs by 2030, new study suggests (http://www.marketwatch.com/story/automation-could-impact-375-million-jobs-by-2030-new-study-suggests-2017-11-29)

At 9:45 a.m. Eastern Time, the Chicago purchasing managers index for November is expected to be released.

Dallas Federal Reserve President Rob Kaplan will discuss real estate in a question-and-answer session at the Real Estate Council Speaking Series at 1 p.m. Eastern.

What are strategists saying?

"What had lifted the market in the first part of the year was an ever-improving economy and profitability. It wasn't about the prospect for tax reform. What you're seeing now, however, is the next leg where tax reform starts to get baked in. If you bake in what tax reform means, the market doesn't look pricey," said Alicia Levine, investment strategist at BNY Mellon Investment Management.

"There are still a lot of details we don't know, but if the corporate tax rate is moved down near 20%, you'd be adding $10 per share to S&P 500 earnings. If you do that, valuations are not out of whack with what growth rates will be."

Which stocks look like key movers?

The so-called FAANG stocks, hard hit on Wednesday, showed signs of a rebound. Facebook (FB), Amazon.com (AMZN) and Google parent Alphabet Inc.(GOOGL) were each up around 0.7% in premarket, Netflix Inc. (NFLX) was up 0.8%. Meanwhile, Apple (AAPL) was up 0.4%.

Shares of Juniper Networks Inc.(JNPR) fell 6.7% in premarket trading after Nokia Corp.(NOK) (NOK) denied it was interested in acquiring the networking company (http://www.marketwatch.com/story/nokia-denies-juniper-acquisition-interest-2017-11-29).

Barnes & Noble Inc.(BKS) tumbled 12% in premarket trading after the company reported a second-quarter loss that was wider than expected (http://www.marketwatch.com/story/barnes-nobles-stock-plunges-after-losses-widen-more-than-expected-2017-11-30).

Kroger Co.(KR) jumped 10% after third-quarter earnings came in ahead of analyst expectations (http://www.marketwatch.com/story/kroger-shares-jump-5-on-better-than-expected-earnings-2017-11-30).

L Brands Inc.(LB), the parent company of Victoria's Secret, dipped in premarket trading after it reported a drop in November same-store sales (http://www.marketwatch.com/story/victorias-secret-parent-l-brands-shares-slide-2-premarket-after-nov-same-store-sales-fall-1-2017-11-30).

What are other assets doing?

European stocks advanced (http://www.marketwatch.com/story/european-stocks-climb-for-3rd-day-as-credit-suisse-propels-bank-rally-2017-11-30), thanks to gains for bank stocks. But Asian markets had a largely weaker day, as a U.S. tech selloff hit related shares in Asia hard (http://www.marketwatch.com/story/chip-stock-malaise-spreads-to-asia-dragging-down-markets-2017-11-29).

Energy shares will likely be in focus as members of the Organization of the Petroleum Exporting Countries and other major oil producers are meeting in Vienna Thursday, and traders are optimistic the meeting will produce an extension to a deal to cut global output that expires in March. Oil futures (http://www.marketwatch.com/story/oil-prices-inch-higher-with-opec-meeting-in-focus-2017-11-30) were rising, with Brent oil seeing the bulk of the gains ahead of the outcome of the OPEC meeting.

"Energy stocks have been underperforming the commodity lately, and that is very rare. I think that reflects that the market is pricing in not only a robust supply from U.S. fracking producers, but also a turn in demand that has nothing to do with the economy, but with auto companies moving toward electric," Levine said.

Read: Russia riles OPEC plans for a longer oil production-cut extension (http://www.marketwatch.com/story/russia-riles-opec-plans-for-a-longer-production-cut-extension-2017-11-29)

(http://www.marketwatch.com/story/russia-riles-opec-plans-for-a-longer-production-cut-extension-2017-11-29)A key U.S. dollar index was trading higher, largely due to gains for the greenback against the Japanese yen . But the index was set for its worst monthly loss since July (http://www.marketwatch.com/story/pound-rallies-on-brexit-hopes-as-dollar-looks-at-biggest-monthly-drop-since-july-2017-11-30). Meanwhile, the British pound continued to move higher amid rising optimism over Brexit negotiations.

Read:FTSE 100 slides to 2-month low as pound rallies on Brexit hopes (http://www.marketwatch.com/story/ftse-100-slides-to-2-month-low-as-pound-rallies-on-brexit-hopes-2017-11-30)

Gold futures were modestly off.

Bitcoin prices were down nearly 4% to $9,731.53, after trading above $10,000 in Asia. A partial outage on digital currency exchanges such as Coinbase caused bitcoin prices to whipsaw on Wednesday, (http://www.marketwatch.com/story/outage-on-bitcoin-exchange-hits-prices-2017-11-29) with the price of one bitcoin dropping $2,000 from above $11,000, then recovering to just under $10,000 by late afternoon.

(END) Dow Jones Newswires

November 30, 2017 09:04 ET (14:04 GMT)