On Friday, trading in S&P futures was suspended due to a “cooling issue” at a data center, which led to a disruption in the assets traded at the Chicago Mercantile Exchange. According to data, the Dow Jones Industrial Average futures experienced an increase of 52 points, reflecting a rise of 0.1% at the close of trading. S&P 500 futures advanced by 0.1%, while Nasdaq-100 futures increased by 0.2%.
A spokesperson stated in an emailed communication early Friday, “Due to a cooling issue at CyrusOne data centers, our markets are currently halted.” Treasury trading subsequently resumed following the opening of the BrokerTec EU and U.S. markets. Metals subsequently resumed trading activities. As of 7:30 a.m., the trading landscape for oil and equity futures continues to be influenced, along with various other assets.
The disruption may lead to heightened volatility, particularly as market’s resumes activity following the Thanksgiving holiday with a truncated trading session on Friday. Historically, trading volumes following Thanksgiving are significantly lower than average, indicating that price movements, whether upward or downward, may be more pronounced. A losing November Friday signifies the conclusion of November’s trading activities. A pullback in technology stocks has exerted downward pressure on the major averages this month, as uncertainty looms regarding the future profitability of AI companies.
Some investors remain optimistic that the recent decline this month could pave the way for a year-end rally in the major averages, as they begin to acquire stocks that have been excessively penalized at more appealing valuations. As of Wednesday’s close, both the Dow and the S&P 500 exhibited a modest decline for the month, poised to end a streak of six consecutive months of gains. The Nasdaq experienced a decline of 2%, positioning itself to conclude a seven-month upward trajectory. Equities are poised to conclude a successful week, buoyed by a rebound in technology stocks. As of Wednesday’s close, the Dow experienced an increase exceeding 2%. The S&P 500 and Nasdaq Composite experienced increases of 3% and 4%, respectively.