XPEV - US Stocks Set To Start Final Trading Week Of Year On Positive Note As Santa Claus Rally Gets Going: Analyst Confident Of Market Finishing Year At Highs | Benzinga
The Santa Claus rally period is poised to continue on a positive note, with index futures pointing to a modestly higher opening on Tuesday. The market was closed on Monday for the Christmas holiday. Extended slide in bond yields, M&A news flow, and positive expectations concerning monetary policy could keep the momentum going for the market. A duo of house price data due for the day will unlikely create much ripples in the market.
Cues From Past Week's Trading:
Stocks ended higher for an eighth straight week as economic data reinforced expectations for Fed rate cuts in the new year. Corporate tidings were mixed, with Micron Technology, Inc. (NASDAQ:MU) reporting above-consensus earnings and guiding strongly, while Nike, Inc. (NYSE:NKE) was disappointed with its quarterly report.
All three major averages are trading just shy of their two-year highs.
US Index Performance In Week Ended Dec. 22
Index Performance (+/-) Value
Nasdaq Composite +1.21% 14,992.97
S&P 500 Index +0.75% 4,754.63
Dow Industrials +0.22% 37,385.97
Russell 2000 +2.46% 2,033.96
Analyst Color:
”The soft landing narrative is fully in charge,” said fund manager Louis Navellier. The economy remains strong while inflation keeps trending down, and the market breadth continues to improve, with the Russell leading and the Magnificent 7 no longer steering the boat, he said.
”It remains likely that we will end the year at highs,” ...