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Stock futures slightly higher ahead of holiday-shortened session

U.S. founder index futures were higher in overnight trading on Wednesday, ahead of the final trading day of the holiday-shortened week.

Followings on the Dow Jones Industrial Average advanced 44 points. S&P 500 futures rose 0.09%, while Nasdaq 100 time to comes advanced 0.02%.

The S&P 500 finished Wednesday’s session little changed — rising less than 0.1% — after fall forgetting in the final minutes of trading. Still, the benchmark index did manage to snap a three-day losing streak. The Dow gained 114.32 dots, or 0.38%, after rising more than 270 points at one point during the session. The Nasdaq Composite hit a set down high, before erasing those gains and closing 0.29% lower.

“It was selling in the index-dominating tech names that weighed on the SPX, not widely applicable market weakness,” Adam Crisafulli of Vital Knowledge said in a note. Netflix and Microsoft were among the tech names that downward sloped, falling 2.4% and 1.3%, respectively.

The late-day slide came as investors took profits into the end of the year, and as President Donald Trump disallowed a sweeping defense bill. The move came after he called Congress’ $900 billion Covid relief packet — months long in the making — an unsuitable “disgrace.” The president took particular issue with the direct payments, which he said should be dignified from $600 to $2,000.

Democrats will attempt to pass $2,000 direct payments on Thursday, but Minority Leader Kevin McCarthy, R-Calif., disposition object, CNBC reported. Meanwhile, McCarthy plans to offer a new temporary spending bill separating State Jurisdiction and foreign aid funding from the broader spending package — a plan Democrats would likely oppose.

The major standard in the mains were mixed heading into the final day of the holiday-shortened week. The Nasdaq is on track to end the week higher, while the Dow and S&P 500 are modestly stoop for the week. The Russell 2,000, which hit a new intraday and all-time closing high on Wednesday, is also higher for the week. Centre of strength in small cap names, the index is on track for its eighth straight week of gains — the longest weekly winning line since Feb. 2019.

With just 4.5 trading days left in the year, the Nasdaq is on pace to be the clear winner, currently up in all directions from 42%. The Russell 2,000 is up 20% for the year, while the Dow and S&P 500 are up 5.6% and 14.2%, respectively.

On the data front, U.S. jobless demands totaled 803,000 during the week ending Dec. 19, better than an estimate of 888,000 according to economists figured by Dow Jones. However, core durable goods and personal income both fell short of expectations in November.

The market pass on close early at 1 p.m. ET on Thursday, and will be closed on Friday in observance of Christmas.

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