Traders work on the ground on the New York Stock Exchange on Dec. 10, 2024.
Brendan McDermid | Reuters
Stock 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 Average gained about 100 factors. S&P 500 futures rose 0.3% and Nasdaq 100 futures climbed 0.4%.
Trading is predicted to be comparatively muted throughout the week. The New York Stock Exchange closes early Tuesday for Christmas Eve at 1 p.m. ET, and the market is shut on Christmas Day.
Investors are hopeful {that a} so-called Santa Claus rally might assist the market finish 2024 on a excessive notice, particularly following a tumultuous week. Dating again to 1969, the S&P 500, on common, added 1.3% within the final 5 buying and selling days of the 12 months and the primary two in January, in keeping with the Stock Trader’s Almanac.
The second half of December can be sometimes the second-strongest interval of the 12 months for U.S. equities, and the S&P 500 has been up 83% of the time in December of presidential election years, in keeping with Bank of America.
“With the market’s major uptrends nonetheless intact, we aren’t giving up on the potential for a Santa Claus to return to Broad & Wall this 12 months,” Craig Johnson, chief market technician at Piper Sandler, mentioned in a notice.
The market is coming off a rollercoaster journey that noticed the blue-chip Dow undergo a 10-day dropping streak, its longest since 1974. The Dow tumbled 1,100 points final Wednesday after the Federal Reserve signaled fewer charge 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 businesses at present ranges for the subsequent three months.
