Anti-Clickbait News Summaries for December 24, 2024
Apple to begin M5 chip production in early 2025 with new CPU-GPU design
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Today:
On Tuesday, December 24, 2024, U.S. stock markets are operating on a shortened schedule due to the Christmas holiday. Here's an overview of the day's key information:
Market Schedule
Early Closure: The New York Stock Exchange (NYSE) and Nasdaq will close early at 1:00 PM ET. U.S. bond markets will close at 2:00 PM ET. All markets will remain closed on Wednesday, December 25, in observance of Christmas Day, and will resume normal trading hours on Thursday, December 26.
Economic Indicators
Durable Goods Orders: The Census Bureau reported that November's durable goods orders decreased by 1.1%, indicating a potential slowdown in manufacturing activity. This decline contrasts with the anticipated 0.3% increase and follows a 0.8% rise in October.
New Home Sales: The Department of Commerce announced that new home sales in November reached a seasonally adjusted annual rate of 664,000 units, surpassing the forecasted 675,000 and October's 627,000. This suggests continued strength in the housing market.
Market Performance
Major Indices: As of the early close on December 24, the SPDR S&P 500 ETF Trust (SPY) is trading at $594.69, up approximately 0.60% from the previous close. The SPDR Dow Jones Industrial Average ETF (DIA) is at $428.89, showing a marginal increase of 0.07%. The Invesco QQQ Trust (QQQ) stands at $522.87, up 0.80%.
Carnival Corporation (CCL): The stock is trading at $25.73, down 3.96% from the previous close, indicating some volatility in the travel sector.
Notable Market Events
Santa Claus Rally: The "Santa Claus rally" period, encompassing the last five trading days of December and the first two of January, begins today. Historically, this period has yielded an average S&P 500 gain of 1.3% and has been positive 79% of the time. Investors are optimistic about a potential year-end boost to the markets.
Global Markets
International Performance: Global markets have shown mixed results. European markets, such as Britain's FTSE 100 and France's CAC 40, experienced modest gains, while Asian markets displayed varied performances, with China's indices rising over 1% following government spending commitments.
Investor Sentiment
Market Outlook: Despite the holiday season's typically low trading volumes, investor sentiment remains cautiously optimistic. Analysts advise vigilance due to potential market corrections anticipated in early 2025, suggesting that the current rally may be an opportune moment for profit-taking.
The Markets:
Futures Highlights
Futures saw broadly positive movement, with Natural Gas posting the largest gains among commodities. Equity indexes also edged higher, reflecting a cautiously optimistic market mood.
🟢 Crude Oil: 69.83 (+0.59 | +0.85%)
🟢 Natural Gas: 3.7550 (+0.0990 | +2.71%)
🟢 Gold: 2631.70 (+3.50 | +0.13%)
🟢 Dow: 43329.00 (+10.00 | +0.02%)
🟢 S&P 500: 6043.75 (+7.75 | +0.13%)
🟢 Nasdaq 100: 21797.75 (+44.50 | +0.20%)
🟢 Russell 2000: 2259.50 (+0.80 | +0.04%)
Forex & Bonds
Currency pairs were mixed as the euro and yen softened slightly against the dollar, while the pound nudged higher. Treasury yields continued climbing, suggesting a more hawkish sentiment in the bond market.
🔴 EUR/USD: 1.0397 (-0.0008 | -0.08%)
🔴 USD/JPY: 157.09 (-0.08 | -0.05%)
🟢 GBP/USD: 1.2536 (+0.0005 | +0.04%)
🔴 BTC/USD: 93844.00 (-436.00 | -0.46%)
🟢 5-Year Treasury: 4.445 (+0.065 | +1.48%)
🟢 10-Year Treasury: 4.599 (+0.075 | +1.66%)
🟢 30-Year Treasury: 4.784 (+0.068 | +1.44%)
Major News
Automakers and select tech stocks led the pack, highlighted by a strong surge in Honda Motor. Sportswear and software names dipped slightly, reflecting a mixed performance in the broader market.
Sorted from biggest winners to biggest losers:
🟢 HMC: +12.72%
🟢 X: +4.08%
🟢 NVDA: +3.69%
🟢 GOOGL: +1.68%
🟢 GOOG: +1.57%
🟢 AAPL: +0.31%
🔴 CLF: -0.11%
🔴 NKE: -0.23%
🔴 MSFT: -0.31%
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