U.S. equities are trading slightly lower
U.S. equities are trading slightly lower on the eve of Thanksgiving, implying that stocks won't open at record highs again as the reflation rally consolidates recent gains. Focus will be on a data-heavy session after durables rebounded 4.8% and jobless claims by 18k, which will be followed by several other reports, along with the FOMC minutes. The Dow is 7-points lower, S&P sank 3-points and NASDAQ is off 12-points in pre-open trade. The dollar index remains quite firm over 101.50, while crude oil is sustaining its rally over $48 bbl and gold is nursing losses again under $1,200. Deere surged 11% after a strong earnings beat, while Eli Lilly dove 15% after ceased development of an Alzheimer's drug following clinical failure. On deck are updates on FHFA home prices, home sales, consumer sentiment, along with EIA energy inventories.