Major U.S. stock indexes could be in for a fight to hang in record territory on Wednesday, with fewer traders expected to support a push higher as the Thanksgiving Day holiday exodus begins.
Investors will get a last big batch of economic data and minutes of the November Federal Reserve interest-rate policy meeting before the holiday break begins. U.S. markets will be closed Thursday and observe an early close on Friday.
Dow Jones Industrial Average futures eased 2 points to 18,993, while S&P 500 index futures slipped 1 point to 2,199.75. Nasdaq-100 futures fell 3.25 points to 4,871.50.
Major indexes hit record highs simultaneously for the second straight day on Wednesday. The Dow Jones Industrial Average rose 0.4% to finish at 19,023.87, its first session of moving past and closing above 19,000. The Dow's climb between 18,000 and 19,000 has taken 483 trading days, marking a 5.6% rise.
The S&P 500 index closed up 0.2% at a record 2,202.94, while the Nasdaq Composite Index gained 17.49 points to finish at a record 5,386.35. In addition, the Russell 2000 index hit a new record.
Even if the major indexes manage to deepen that record run on Wednesday, it may not be significant for the overall picture.
"The price action will only really become relevant on Monday, when 'normal service' resumes. I think we'll see a bit more of a short squeeze, but it's not 'real' buying per se, just a bit of momentum and a desire to squeeze the bears," said Chris Beauchamp, chief market analyst at IG, in emailed comments.
A short squeeze refers to when short sellers of a security are being pushed out of their positions, adding upward pressure to a stock or an index.