Market Rebound: Stocks Set to Rise on Final Trading Day of the Year!

Stock Futures on the Rise

Stock futures are indicating a higher open for major indexes as we approach the final trading day of the year, aiming to recover from two consecutive sessions of significant losses.

• Dow Jones Industrial Average futures were up 0.2% shortly before Tuesday's opening bell.
• Futures linked to the S&P 500 and Nasdaq gained 0.3% each.

Despite recent sluggish performance, major indexes have shown impressive gains throughout the year. Heading into Tuesday, the Nasdaq Composite boasts a 30% increase in 2024, while the S&P 500 and Dow have advanced 24% and 13%, respectively.

Technology Stocks Lead the Way

Large-cap technology stocks, which have recently driven declines, are showing signs of recovery in premarket trading. Key players include:

• Tesla (TSLA): Up 1.6%
• Apple (AAPL), Nvidia (NVDA), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), and Meta Platforms (META) also saw slight increases.

Notably, Apple is nearing a historic $4 trillion market value.

Bitcoin's Surge

Shares of MicroStrategy (MSTR), a significant Bitcoin holder, rose nearly 5% as Bitcoin prices increased. The cryptocurrency was trading at $95,700, recovering from an overnight low of $91,700.

Broader Market Context

The yield on 10-year Treasurys decreased to 4.53%, down from 4.55%. Gold futures increased slightly to $2,625 per ounce, and WTI crude oil futures rose by 0.8%.

Monthly Performance

As December concludes, the Nasdaq has gained 1.4% this month, while the Dow and S&P 500 have dropped 5.2% and 2.1%, marking their most significant monthly losses since April. Earlier in the month, optimism surrounding pro-growth policies helped major indexes reach record highs, but recent statements from the Federal Reserve regarding interest rate cuts have contributed to the market's recent struggles.