Futures tied to the S&P 500 (ES=F) tech-heavy Nasdaq (NQ=F) and Dow Jones Industrial Common (YM=F) all drifted decrease on Monday morning.
The transfer decrease got here because the 10-year Treasury yield (^TNX) hovered close to a 7-month excessive at 4.6%.
Shares closed out final week with a Friday slide from Massive Tech names like Tesla (TSLA) and Nvidia (NVDA), with the Nasdaq Composite falling 1.5% and the S&P 500 down over 1%.
The extremely anticipated “Santa Claus” rally, which is statistically one of the vital constant seven-day optimistic stretches of the 12 months for the S&P 500, has been a flop to date. Since 1950, the S&P 500 has risen 1.3% throughout the seven buying and selling days starting Dec. 24, nicely above the standard seven-day common of 0.3%, in response to LPL Monetary chief technical strategist Adam Turnquist. Within the present interval, the S&P 500 is down lower than 0.1%.
However with simply two days of buying and selling left in 2024, markets are hoping to recapture the larger image of the 12 months — one which has been stuffed with positive aspects. The benchmark S&P is up over 25% this 12 months, whereas the Nasdaq has gained over 30%. The blue-chip Dow has risen a extra modest 14%.
Late Sunday evening, former President Jimmy Carter died on the age of 100 at his dwelling in Plains, Georgia, the Carter Heart mentioned. Fairness markets are nonetheless set to open on Monday at 9:30 a.m. ET.
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