Stocks may move to the upside in early trading on Tuesday, regaining ground following the steep drop seen over the two previous sessions. The major index futures are currently pointing to a higher open for the markets, with the S&P 500 futures up by 0.3 percent.
Traders may look to pick up stocks at relatively reduced levels following the recent pullback, which dragged the major averages down near the one-month lows set earlier in December.
Window-dressing may also contribute to strength on Wall Street, as some traders look to boost their portfolios going into the end of the year.
Despite the recent softness, the major averages are already poised to post standout gains for 2024, with the tech-heavy Nasdaq up by nearly 30 percent for the year.
The Dow has also surged by 13 percent for the year, while the S&P 500 is on pace to post its second consecutive yearly gain of more than 20 percent.
Overall trading activity is likely to wane over the course of the session, however, as traders look to get a head start on their New Year’s Eve celebrations.
After moving sharply lower early in the session, stocks regained some ground over the course of the trading day on Monday but remained firmly in negative territory. The major averages added to the steep losses posted last Friday.
The Dow climbed off its worst levels after tumbling by more than 700 points in early trading but still ended the day down 418.48 points or 1.0 percent at 42,573.73.
The tech-heavy Nasdaq also dove 235.25 points or 1.2 percent to 19,486.78 and the S&P 500 slumped 63.90 points or 1.1 percent to 5,906.94.
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower on Tuesday, with markets in Japan and South Korea closed on the day. China’s Shanghai Composite Index tumbled by 1.6 percent, while Australia’s S&P/ASX 200 Index slid by 0.9 percent.
Meanwhile, most European stocks have moved to the upside, although several major markets are closed. While the French CAC 40 Index has advanced by 0.9 percent, the U.K.’s FTSE 100 Index has climbed by 0.6 percent.
In commodities trading, crude oil futures are inching up $0.06 to $71.05 a barrel after rising $0.39 to $70.99 a barrel on Monday. Meanwhile, after falling $13.80 to $2,618.10 an ounce in the previous session, gold futures are climbing $9.30 to $2,627.40 an ounce.
On the currency front, the U.S. dollar is trading at 156.90 yen compared to the 156.84 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.0395 compared to yesterday’s $1.0407.
Business News
U.S. Stocks May Regain Ground Going Into New Year
2024-12-31 13:47:16
