U.S. shares have been largely increased on Tuesday, led by good points in know-how shares.
The rally comes amid a Christmas Eve-shortened buying and selling session, which additionally marks the official begin of the Santa Claus buying and selling intervala traditionally bullish stretch for shares over the final 5 buying and selling days of the yr and the first two buying and selling days of the new yr.
The inventory market is scheduled to shut at 1 pm and shall be closed on Wednesday for Christmas. The bond market, which additionally closes on Wednesday, will finish at 2 pm on Tuesday.
Investors haven’t any financial knowledge to research on Tuesday, however shall be watching the launch of preliminary jobless claims on Thursday morning. Economists count on 225,000 preliminary claims, barely above final week’s studying of 220,000.
Historical knowledge courting again to 1950 reveals that the S&P 500 (SPY) has posted a mean return of 1.3% and is optimistic 79% of the time throughout the Santa Claus buying and selling interval.
The common acquire over the buying and selling interval for Santa Claus is even increased, at 1.6%, when together with inventory returns since 1928, in line with knowledge from Bank of America (BAC).
Main US indices at at the moment’s opening:
- S&P 500 (SPY): 5,982.87, up 0.14% (US shares)
- Dow Jones Industrial Average (DAY): 42,892.81, down 0.03% (-10 factors)
- Nasdaq Composite (QQQ): 19,838.09, up 0.40%
Market highlights:
- American Airlines (AAL) briefly grounded all of its flights on Tuesday resulting from a technical glitch.
- The chance of a US recession in 2025 is 0%, in line with a number one economist.
- Consumer confidence fell to near-recession ranges earlier than Donald Trump’s second administration.
