Futures Pointing To Roughly Flat Open On Wall Street

After ending the previous session mostly higher, stocks may experience choppy trading during Tuesday’s session. The major index futures are currently pointing to a roughly flat open for the markets, with the S&P 500 futures up by just 0.1 percent.

Many traders are likely to be away from their desks ahead of the Christmas Day holiday on Wednesday, leading to below average volume.

The markets are also scheduled to close earlier than usual this afternoon, which is likely to keep some traders on the sidelines.

A lack of major U.S. economic data may also contribute to light trading, as the release of reports on durable goods orders and new home sales was pushed forward to Monday after President Joe Biden signed an executive closing the federal government for Christmas Eve.

After showing a lack of direction early in the session, stocks moved mostly higher over the course of the trading day on Monday. The major averages added to the strong gains posted on Friday, further offsetting the sell-off seen last Wednesday.

The Nasdaq and the S&P 500 climbed firmly into positive territory as the day progressed, while the narrower Dow posted a more modest gain.

The Nasdaq jumped 192.29 points or 1.0 percent to 19,764.89, the S&P 500 climbed 43.22 points or 0.7 percent to 5,974.07 and the S&P 500 rose 66.69 points or 0.2 percent to 42,906.95.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Tuesday. While Japan’s Nikkei 225 Index dipped by 0.3 percent, Hong Kong’s Hang Seng Index jumped by 1.1 percent and China’s Shanghai Composite Index surged by 1.3 percent.

Meanwhile, European stocks saw modest strength in light pre-holiday trading. The U.K.’s FTSE 100 Index climbed by 0.4 percent and the French CAC 40 Index inched up by 0.1 percent, while the German markets were closed on the day.

In commodities trading, crude oil futures are climbing $0.53 to $69.77 a barrel after slipping $0.22 to $69.24 a barrel on Monday. Meanwhile, after falling $16.90 to $2,628.20 an ounce in the previous session, gold futures are edging down $1.30 to $2,626.90 an ounce.

On the currency front, the U.S. dollar is trading at 157.15 yen compared to the 157.17 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 $1.0405.