Traders work on the floor of the New York Stock Exchange.
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Stock futures traded mostly flat Tuesday night after the market-wide S&P 500 index hit a record close.
futures tied to Dow Jones Industrial Average Lost 25 points (0.05%). S&P500 futures While the decline was approximately 0.05%, Nasdaq 100 futures Little had changed.
Major U.S. indexes rose for the fourth day in a row on Tuesday, led by tech stocks including parent company Google. alphabet, Nvidia, broadcom and Amazon.
of S&P500 It ended regular trading up about 0.5%, setting a new record of 6,909.79. The index is just below its intraday high of 6,920.34. of Nasdaq Composite Up about 0.6%, 30 stocks Dow I ended the day adding about 79 points (about 0.2%).
The Commerce Department announced early Tuesday that third-quarter U.S. gross domestic product (GDP) rose 4.3%, beating the Dow Jones consensus estimate of 3.2%. The report, which had been delayed by the government shutdown, initially prompted traders to lower their expectations for a rate cut early next year. However, federal funds futures still suggest two rate cuts by the end of 2026, according to the CME FedWatch tool.
Investors continue to hope for a much-needed Santa Claus rally, or year-end stock market rally, which occurs between the last five business days of the year and the first two days of the new year, in this case from the opening bell on December 24th to January 5th.
Adam Turnquist, chief technical strategist at LPL Financial, said the average return for the S&P 500 during the Santa Claus rally was 1.3%, with a positive outcome 78% of the time. Meanwhile, the market’s typical seven-day average return is just 0.3%, with a positivity rate of 58%, he wrote in a note to clients.
“Momentum heading into the year suggests favorable conditions for a positive Santa Claus rally, and is a historically bullish signal for January and next year,” Turnquist said. “While the overall market breadth remains a bit narrow for an index near record highs, trends are moving in the right direction, supported by rotation into cyclical sectors. A close above the S&P 500’s December high could pave the way for the next leg above the 7,000-point milestone.”
On the economic front Wednesday morning, traders will focus on the weekly unemployment claims numbers.
The New York Stock Exchange will close early on Christmas Eve at 1pm ET on Wednesday and will be closed on Thursday for Christmas Day.
