US Stock Index Futures Keep Steady after Christmas as Tech Stocks Gain Momentum
Go Wire
December 26, 2024
GoGPT Summarizes Articles
On Wednesday (Dec. 25), US stock index futures largely stabilized due to the Christmas Day closure. Megacap stocks rallied on Tuesday, though markets closed early for Christmas Eve.
Trading volume is expected to shrink during the remaining open hours as Christmas reduces trading volume for the week.
At press time, S&P 500 futures edge up 0.05%. Nasdaq 100 futures rise 0.22%. Dow Jones futures fall 0.04% slightly.
Tech stocks strengthened this week, as Magnificent Seven picked up on Tuesday.
By Tuesday's close, Tesla $TSLA jumped 7.35%. Apple Inc $AAPL rose 1.15%. Amazon.com $AMZN rose 1.77%. Meta Platforms Inc $META rose 1.32%. Alphabet Inc $GOOGL rose 0.76%. NVIDIA $NVDA rose 0.39%. Microsoft $MSFT rose 0.94%.
With the Biden administration investigating Chinese-made chips, chip stocks pulled up at Tuesday's close. Broadcom Inc $AVGO jumped 3.15%. Intel Corporation $INTC rose 1%.
The Fed changed to be cautious about monetary policy: the future rate cuts are determined by the inflation movement. Accordingly, the market reduced the outlook to only two more cuts in 2025. These shifts made US equities slump last week.
But after this week's softer-than-expected PCE inflation data, the market improved the rate cuts prospect, causing the major stock indexes to jump.
The S&P 500 Index gained 1.1% to 6040.04. The Nasdaq added 1.4% to 20031.13. The Dow Jones rose 0.9% to 43,297.03.
On Wednesday, outgoing and incoming U.S. presidents sent different Christmas messages to Americans.
Biden urged Americans to put aside voices that separate them and remind themselves to be respectful and united with others.
Trump, after issuing a Merry Christmas wish, claimed that China operates the Panama Canal and criticized the Canadian government's tax policy and the radicalization of Biden and the Democrats.
#$Tesla Inc. Common Stock(TSLA)#$Apple Inc.(AAPL)#$Meta Platforms Inc. Class A Common Stock(META)#$Alphabet Inc. Class A Common Stock(GOOGL)#$Nvidia Corp(NVDA)#$Microsoft Corp(MSFT)#$Broadcom Inc. Common Stock(AVGO)#$Intel Corp(INTC)