US STOCKS-Futures dip as S&P 500 heads towards best November ever

  • Reuters
  • Stock Market News
US STOCKS-Futures dip as S&P 500 heads towards best November ever
Credit: © Reuters.

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* Oil majors fall in premarket trade

* IHS Markit rises on $44 bln buyout deal from S&P Global (NYSE: SPGI )

* Futures: Dow down 0.6%, S&P dips 0.4%, Nasdaq flat

By Shriya Ramakrishnan

Nov 30 (Reuters) - U.S. stock index futures dipped on Monday as investors paused ahead of crucial economic indicators later this week to take stock of what was set to be a record-setting month for the benchmark S&P 500 .

Data giant S&P Global Inc SPGI.N dipped 1.6% in premarket trading as it announced a $44 billion deal to buy IHS Markit Ltd INFO.N . IHS shares rose about 7%. Street's main indexes were set to finish the month up more than 10% as investors bet that progress in the development of a COVID-19 vaccine would fuel a swift economic rebound next year.

Prospects of a smooth handover of power to President-elect Joe Biden after weeks of legal challenges mounted by incumbent President Donald Trump have also aided the stock-market rally.

Biden and Vice President-elect Kamala Harris were set to receive their first classified presidential daily briefing on Monday, the first step toward the transfer of responsibility for the most sensitive intelligence to a new administration.

Shares of oil majors including Chevron Corp (NYSE: CVX ) CVX.N , Occidental (NYSE: OXY ) Petroleum OXY.N and ConocoPhillips (NYSE: COP ) COP.N were down between 1% and 2.4%, tracking a fall in crude prices on uncertainty about whether OPEC+ would agree to extend large output cuts at talks this week. O/R 07:02 a.m. ET, Dow E-minis 1YMcv1 were down 0.61%, S&P 500 E-minis EScv1 were down 0.41% and Nasdaq 100 E-minis NQcv1 were down 0.01%.

Macy's Inc (NYSE: M ) M.N , Walmart (NYSE: WMT ) Inc WMT.N and Best Buy Co Inc (NYSE: BBY ) BBY.N slipped between 0.2% and 1.9% as masked shoppers turned up in smaller numbers at major U.S. retailers on Black Friday as early online deals and concerns about a spike in COVID-19 cases dulled enthusiasm for trips to the mall. an explosion in COVID-19 infections and business restrictions this month that undermined the U.S. labor market recovery, focus will be on the monthly employment report and the Fed's Beige Book as well as an address by Fed Chair Jerome Powell before the Senate Banking Committee.

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