US stock futures faced a decline on Friday as investors closely monitored President-elect Donald Trump's team-building efforts and bitcoin's bid to reach a significant milestone. S&P 500 futures were down 0.1%, while Dow Jones Industrial Average futures remained relatively unchanged. The tech-heavy Nasdaq 100 also retreated, with futures dropping 0.2% after the major gauges closed in the green on Thursday.
Markets in a State of Rebalancing
Markets are currently in a process of regrouping following Nvidia's earnings report, which failed to clearly determine whether AI would continue to drive stock prices upward. All the "Magnificent Seven" tech megacap stocks were under pressure during early trading, and Alphabet (GOOG, GOOGL) faced the potential for a breakup. Despite a lackluster start to the post-election rally, the major gauges are still on track to close the week with gains of over 1%.Waiting for Treasury Secretary Announcement
Wall Street is eagerly awaiting the selection of Trump's Treasury Secretary. This announcement holds significant importance for the economy and could have a substantial impact on markets. The President-elect previously chose former Florida attorney general Pam Bondi for the US attorney general position after Matt Gaetz withdrew his name from consideration.Bitcoin's Continued Surge
Surging bitcoin (BTC-USD) continued to approach the landmark $100,000 level, driven by growing confidence that the Trump administration would support pro-crypto policies. The leading token broke above $99,500 early on Friday but then retreated as there were hopes for looser regulatory oversight after SEC Chair Gary Gensler announced his impending departure. Smaller cryptocurrencies also received a boost.Data on the Horizon
Later in the day, a monthly update on consumer sentiment is expected. Additionally, the first S&P Global readings from US factory and services activity surveys in November are scheduled. These data releases could provide further insights into the economic landscape.