Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 11, 2023.
Brendan Mcdermid | Reuters
U.S. stock futures rose slightly on Tuesday to start the last week of the year, as traders tried to end 2023 on a strong note.
Futures tied to the Dow Jones Industrial Average were up 20 points. S&P 500 futures and Nasdaq-100 futures gained 0.1% and 0.2%, respectively.
Intel rose more than 2% before the bell after Israel’s government gave the chipmaker a $3.2 billion grant for a $25 billion plant in the country’s south. Manchester United added 1.7% after British billionaire Jim Ratcliffe finalized a deal to buy a quarter of the soccer club.
U.S. markets were closed Monday due to the Christmas holiday.
Wall Street is coming into the holiday shortened week with momentum after the S&P 500 last week registered its eighth straight weekly advance, its longest streak since 2017. The Dow and Nasdaq Composite also notched an eight-week winning streak.
The S&P 500 also came into Tuesday’s session within striking distance of record levels. The broad market index is just 0.9% below its closing all-time high of 4,796.56 set in January 2022. It’s also 1.3% away from its intraday record.
Those moves come as investors cheer recent data showing inflation is moving closer toward the Federal Reserve’s 2% target. Expectations of potential rate cuts have also lifted equities in recent weeks.
Tom Lee, head of research at Fundstrat, noted that the November PCE deflator report, released Friday, showed “that inflation is falling like a rock.”
“The overall story of inflation is consistent with our thesis and this is supportive of stocks. After all, if the Fed starts to worry about deflation (not the case at the moment), then Fed wants to reverse it stance,” Lee said in a note last week.
Source link: https://www.cnbc.com/2023/12/26/stock-market-today-live-updates.html