Stock futures dipped in overnight trading on Sunday as the market looks set to finish November with historically strong gains.
Futures on the Dow Jones Industrial Average fell 100 points. S&P 500 futures traded 0.2% lower and Nasdaq 100 futures were flat.
Futures took a leg down after Reuters reported that the Trump administration is weighing blacklisting Chinese leading chipmaker, Semiconductor Manufacturing International Corporation (SMIC) as well as national offshore oil and gas producer, China National Offshore Oil Corporation (CNOOC).
The move would limit their access to American investors and escalate tensions with China before President-elect Joe Biden takes over.
Despite the overnight weakness, major equity averages are poised to wrap up a strong month. The blue-chip Dow has risen 12.9% so far this month, on pace for its best monthly performance since January 1987, as promising vaccine developments boosted confidence of a smooth economic reopening.
The S&P 500 and the Nasdaq have climbed 11.3% and 11.9%, respectively, in November, both on track to post their biggest monthly advance since April.
Read more from the original article:
https://www.cnbc.com/2020/11/2...
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