The stock futures have risen slightly as the market enters a holiday-short week

A trader during the Sweetgreen Initial Public Offer (IPO) in front of the New York Stock Exchange (NYSE) on Thursday, November 18, 2021.

Michael Nagel | Bloomberg | Getty Images

Stock futures rose slightly in Sunday night’s trading ahead of the holiday-short week, a historically strong season for Wall Street.

The Dow Jones Industrial Average futures rose 55 points. The S&P 500 futures rose 0.1% and the Nasdaq 100 futures rose 0.2%.

The US market will be closed on Thursday on the occasion of Thanksgiving Day. The stock market closes early on Friday at 1 pm ET.

The stock has a track record of posting profits on Thanksgiving Week, which will likely set the stage for the last Santa rally of the year.

Since 1950, the last five business days of November have traditionally been positive, according to Sam Stoval, CFRA’s chief investment strategist. Meanwhile, the market has a two-thirds chance on the day before Thanksgiving and a 57% chance on the day after the holiday, strategists say.

A big market-moving event this week will be President Joe Biden’s nomination for the next Federal Reserve chief.

Stock picks and investment trends from CNBC Pro:

Biden is expected to announce his candidacy in the coming days, considering current chairman Jerome Powell and Governor Lyle Brainard as potential candidates. Many hope that if Brainard prevails, it will become a more divisive central bank, which means it will take longer to tighten policies, including raising interest rates.

“I think in the short term, this is going to be the biggest driver of market action,” said Jeff Schulz, a Clearbridge Investments investment strategist. “If Brainard is nominated as the Fed chair, it wouldn’t be a surprise to me to see some near-term volatility. Typically, the market tests a Fed chair.”

The S&P 500 came in a winning week, up 0.3%, on the back of huge earnings reports from major retailers and strong US retail data. The tech-heavy Nasdaq Composite jumped 1.2% last week. However, Blue-Chip Dow has declined 1.3% during this period.

From the month to date, the S&P 500 has risen 2%, on the way to posting the second consecutive positive month. In 2021, the equity benchmark has risen by more than 25%.

Ti Contributed to CNBC’s Patti Domm report.

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