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Traders work on the floor at the New York Stock Exchange on Dec. 10, 2024.
You are watching: Stock futures inch higher as the market heads into holiday-shortened week: Live updates
Brendan McDermid | Reuters
Stock futures edged up in overnight trading Sunday as the market gears up for a holiday-shortened trading week.
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Futures on the Dow Jones Industrial Average gained about 100 points. S&P 500 futures rose 0.3% and Nasdaq 100 futures climbed 0.4%.
Trading is expected to be relatively muted during 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 may help the market end 2024 on a high note, especially following a tumultuous week. Dating back to 1969, the S&P 500, on average, added 1.3% in the last five trading days of the year and the first two in January, according to the Stock Trader’s Almanac.
The second half of December is also typically the second-strongest period of the year for U.S. equities, and the S&P 500 has been up 83% of the time in December of presidential election years, according to Bank of America.
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“With the market’s primary uptrends still intact, we are not giving up on the potential for a Santa Claus to come to Broad & Wall this year,” Craig Johnson, chief market technician at Piper Sandler, said in a note.
The market is coming off a rollercoaster ride that saw the blue-chip Dow suffer a 10-day losing streak, its longest since 1974. The Dow tumbled 1,100 points last Wednesday after the Federal Reserve signaled fewer rate cuts for 2025 than previously projected. A cooler-than-expected inflation reading helped stocks recoup some of the losses.
Month-to-date, the 30-stock Dow is down 4.6% in December, while the S&P 500 is off 1.7%. The tech-heavy Nasdaq Composite bucked the downtrend, rising 1.8% this month.
On the politics front, President Joe Biden signed a government funding bill on Saturday that averted a government shutdown. The bill funds federal agencies at current levels for the next three months.
Source link https://www.cnbc.com/2024/12/22/stock-market-today-live-updates.html
Source: https://incomestatements.info
Category: News
How do investors typically react to holiday-shortened trading weeks?
These shortened sessions often bring lower trading volumes which can lead to increased volatility if significant news breaks. Traders should be mindful of potentially wider spreads and more erratic price movements during these thin trading conditions.