• Wed. Feb 28th, 2024

Hints Of Santa Rally As S&P 500, Nasdaq Futures Begin Week On Buoyant Note: Tesla, Moderna Stocks In Focus – Invesco QQQ Trust, Series 1 (NASDAQ:QQQ), SPDR S&P 500 (ARCA:SPY)

ByShanthi Rexaline

Dec 19, 2022
Hints Of Santa Rally As S&P 500, Nasdaq Futures Begin Week On Buoyant Note: Tesla, Moderna Stocks In Focus - Invesco QQQ Trust, Series 1 (NASDAQ:QQQ), SPDR S&P 500 (ARCA:SPY)

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The index futures are pointing to a moderately higher opening on Monday, as traders strive to shake off the negativity engendered by worries concerning the economy, inflation and interest rates.

The major U.S. averages closed the week ended Dec. 16 notably lower, amid Fed’s hawkish tone that came through the dot plots and a few weak economic data set in motion a steep sell-off since Wednesday. All three indices closed at their lowest since early November, tempering hopes of a year-end Santa Claus rally.







U.S. Indices’ Performance During Week Ended Dec. 16
Index Performance (+/-)   Value
Nasdaq Composite -2.72%   10,705.41
S&P 500 Index -2.09%   3,852.36
Dow Industrials -1.66%   32,920.46

Here’s a peek into index futures trading:








U.S. Futures’ Performance On Monday During Premarket Session
Index Performance (+/-)  
Nasdaq 100 Futures +0.44%  
S&P 500 Futures +0.43%  
Dow Futures +0.33%  
R2K Futures -0.61%  

In premarket trading on Monday, the SPDR S&P 500 ETF Trust SPY rose 0.49% to $385.14 and the Invesco QQQ Trust QQQ gained 0.48% to $274.90, according to Benzinga Pro data.

On the economic front, the National Association of Home Builders will release its housing market index for December at 10 a.m. EST. Economists, on average, expect the index to edge up to 34 from 33 in November.

The Treasury will auction 3-month and 6-month bills at 11:30 a.m. EST.

See also: How to Swing Trade Options

Stocks In Focus:

  • Tesla, Inc. TSLA shares were bouncing back by over 4% in premarket trading after a poll run by CEO Elon Musk showed that most supported him giving up on the Twitter CEO role.
  • Shares of COVID-19 vaccine manufacturer Moderna, Inc. MRNA gained about 3.8% in reaction to Jefferies analyst upgrading the stock to a Buy.
  • Overseas financial stocks were higher, led by Mitsubishi UFJ Financial Group, Inc. MUFG.
  • Oil stocks BP plc. BP and Shell plc SHEL also rose sharply.
  • Chinese e-commerce companies Alibaba Group Holding Limited BABA and JD.com, Inc. JD moved solidly higher.

Commodities, Other Global Equity Markets:

Crude oil futures resumed their upward trend after slipping on Friday. A barrel of WTI-grade crude oil rose over 1% to $75.28.

The yield on the benchmark 10-year U.S. Treasury note rose by 0.042 to 3.524%.

The Asia-Pacific markets closed Monday’s session lower as worries concerning the global economy weighed on sentiment. The Chinese market led the region’s decline, although the Singaporean and Indian markets bucked the downtrend. The COVID-19 overhang continues to haunt Chinese stocks despite the government’s many stimulatory measures.

European stocks were recovering from three straight sessions of sell-off, with some positive economic data from the region supporting sentiment.

Read Next: What’s Next For Stocks After Fed Issues 0.5% Rate Hike, Raises 2023 Inflation Outlook?

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Image and article originally from www.benzinga.com. Read the original article here.