Dow futures rise slightly as Wall Street heads for fourth straight winning week: Live updates

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 26, 2023.

Futures tied to the Dow Jones Industrial Average rose slightly Friday ahead of a shortened trading session, as the major averages aimed for a four-week winning streak.

Dow futures were up 87 points, or 0.25%. S&P 500 futures advanced 0.1%, while Nasdaq-100 futures were roughly flat.

For the week, the Dow and S&P 500 are up 0.9% each. The Nasdaq Composite is up 1% in that time. It would be the longest weekly winning streak for the S&P 500 and Nasdaq since June. The Dow, meanwhile, hasn't posted a weekly run this long since April.

The moves come as Treasury yields this week hit multimonth lows on hope inflation is cooling and the Federal Reserve may be done raising rates.

"The problem is that if economic growth remains solid at the current policy interest rate, then almost by definition monetary policy is not restricting the economy, which means the Fed has little reason to cut interest rates," Nordea macro strategist Philip Maldia Madsen wrote in a post.

"If anything, the rally in bonds and stocks has stimulated the economy and decreased the need for the Fed to ease monetary policy," he added. "The same is true for the big decline on oil prices, which is unrelated to the US economy, but yet improves households' real purchasing power to spend on services and goods."

The U.S. stock market closes at 1 p.m. after being closed Thursday due to the Thanksgiving holiday. On Wednesday, the major averages closed higher after the 10-year Treasury yield fell to levels not seen since September. The benchmark rate was up 5 basis points at around 4.47% on Friday.