Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 22, 2024.
Brendan McDermid | Reuters
Stock futures were flat in overnight trading Sunday evening ahead of the last few trading sessions of 2024.
Futures tied to the Dow Jones Industrial Average were flat, while S&P 500 futures edged up 0.04%. Nasdaq-100 futures rose 0.1%.
The major averages are heading into the yearend shy of record levels, with the S&P 500 and Dow up more than 25% and 14%, respectively, and on track for the best year since 2021. The Nasdaq has gained more than 31%.
The benchmarks are also headed for a winning fourth quarter, with the Nasdaq on pace for its longest quarterly winning streaking since the second quarter of 2021.
Despite a losing session for all the major averages on Friday, investors are hoping that stocks will continue to rise into the year-end and the new year, and trigger what’s known as a Santa Claus Rally. The phenomenon refers to the market rising into the final five trading days of a calendar year and the first two in January. The S&P 500 has returned 1.3% on average during this period since 1950, according to LPL Financial.
This week ushers in a light period for economic data, with the market closed Wednesday in observance of New Years Day. Chicago PMI and pending homes sales data are due out Monday.
