Stock futures posted moderate gains during Wednesday's evening trade (Thursday AEDT) as investors looked to extend the momentum that drove the S&P 500 to back-to-back annual gains in 2024.
By 10:20 am AEDT (11:20 pm GMT) Dow Jones Industrial Average futures added 0.2%, S&P 500 futures gained 0.3% and Nasdaq 100 futures climbed 0.4%.
Despite a soft finish to 2024, the year delivered strong overall returns. The S&P 500 advanced 23.8%, and the Dow Jones Industrial Average rose 13.2%. The Nasdaq Composite outpaced both with a 29.8% surge, buoyed by enthusiasm for artificial intelligence and interest rate cuts.
Key performers within the “Magnificent Seven” stocks were instrumental in the rally. Nvidia, a leading chip producer, soared 171% during the year, while Apple achieved a 30% gain.
However, profit-taking in these and other tech stocks led to a four-day losing streak for the S&P 500 to close 2024, a trend not seen since 1966.
Investors are also monitoring broader developments, including a deadly New Year’s Day attack in New Orleans. The Federal Bureau of Investigation is probing the incident, in which a truck drove into a crowd, as a potential terrorist act.
In this holiday-shortened trading week, economic data remains sparse. Market attention will turn to Thursday’s weekly jobless claims report, as well as S&P Global and ISM manufacturing PMIs later in the week.