U.S. stock futures were steady on Tuesday morning after a strong start to the week that saw the S&P 500 (SPX) and the Nasdaq Composite reach all-time highs. Meanwhile, futures on the Nasdaq 100 (NDX) and the S&P 500 were up 0.04% and 0.03%, respectively, at 3:20 a.m. EST, December 24, whereas the Dow Jones Industrial Average (DJIA) futures were down 0.04%.
The previous session saw a surge in technology stocks, with major players like Nvidia ($NVDA), which gained 3%, while Tesla ($TSLA), Meta Platforms ($META), and Alphabet ($GOOGL) gained 2% each. Overall, the Nasdaq Composite gained 1%, while the S&P 500 and the Dow Jones rose 0.7% and 0.2%, respectively.
The positive stock market momentum is likely to raise hopes of a “Santa Claus rally” ahead. This rally refers to a seasonal trend where equities tend to climb during the last five trading days in December and the first two trading days of January.
In major stock market news, Honda Motor ($HMC) shares surged 13% after announcing plans to acquire Nissan Motor ($NSANF). Also, Rumble ($RUM) increased over 81% following a $775 million investment from cryptocurrency firm Tether ($USDT-USD).
Investors should note that the stock market will close early today and will remain closed tomorrow for Christmas Day.
Meanwhile, the U.S. 10-year treasury yield was down, floating near 4.593% at the time of writing. At the same time, WTI crude oil futures are trending higher, hovering near $69.80 per barrel as of the last check.
Elsewhere, European indices opened higher on Tuesday morning as trading activity remained subdued ahead of the Christmas holidays.
Asia-Pacific Markets Ended Higher Tuesday
Most Asia-Pacific indices were higher today after a rally in major U.S. tech stocks boosted key benchmark indices in the U.S.
At the same time, Hong Kong’s Hang Seng Index was up 1.08%. Further, China’s Shanghai Composite and Shenzhen Component indices gained 1.26% and 1.27%, respectively. Also, Japan’s Topix index climbed 0.02%, while the Nikkei index declined 0.32%.
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