Merchants work on the ground on the New York Inventory Trade on Dec. 10, 2024.
Brendan McDermid | Reuters
Inventory futures edged up in in a single day buying and selling Sunday because the market gears up for a holiday-shortened buying and selling week.
Futures on the Dow Jones Industrial Common gained about 100 factors. S&P 500 futures rose 0.3% and Nasdaq 100 futures climbed 0.4%.
Buying and selling is predicted to be comparatively muted through the week. The New York Inventory Trade closes early Tuesday for Christmas Eve at 1 p.m. ET, and the market is shut on Christmas Day.
Traders are hopeful {that a} so-called Santa Claus rally might assist the market finish 2024 on a excessive notice, particularly following a tumultuous week. Courting again to 1969, the S&P 500, on common, added 1.3% within the final 5 buying and selling days of the yr and the primary two in January, in accordance with the Inventory Dealer’s Almanac.
The second half of December can also be usually the second-strongest interval of the yr for U.S. equities, and the S&P 500 has been up 83% of the time in December of presidential election years, in accordance with Financial institution of America.
“With the market’s main uptrends nonetheless intact, we’re not giving up on the potential for a Santa Claus to come back to Broad & Wall this yr,” Craig Johnson, chief market technician at Piper Sandler, mentioned in a notice.
The market is coming off a rollercoaster experience that noticed the blue-chip Dow endure a 10-day dropping streak, its longest since 1974. The Dow tumbled 1,100 points final Wednesday after the Federal Reserve signaled fewer price cuts for 2025 than beforehand projected. A cooler-than-expected inflation studying helped shares recoup a few of the losses.
Month-to-date, the 30-stock Dow is down 4.6% in December, whereas the S&P 500 is off 1.7%. The tech-heavy Nasdaq Composite bucked the downtrend, rising 1.8% this month.
On the politics entrance, President Joe Biden signed a government funding bill on Saturday that averted a authorities shutdown. The invoice funds federal companies at present ranges for the subsequent three months.
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