Markets are moving from a record-setting close into a thin, holiday-shortened Christmas Eve session.
- Retail sentiment turned bullish on SPY, even as Nasdaq-linked QQQ remained under pressure on Stocktwits.
- Investors bracing for low volumes and an early market close, even as fresh GDP data offered a bullish macro backdrop.
U.S. stock futures traded cautiously early Wednesday, as markets prepared for a thin, holiday-shortened Christmas Eve session. Tuesday saw a record-setting close, supported by third-quarter GDP data, which was revised upward to a 4.3% annualized growth, significantly higher than the 3.2% consensus.
As of 3:20 a.m. ET on Wednesday, Nasdaq 100 futures, S&P 500 futures were flat, while the Dow futures fell 0.1% and the Russell 2000 futures were down 0.2%.
On Stocktwits, however, retail sentiment toward the SPDR S&P 500 ETF (SPY), an exchange-traded fund that tracks the S&P 500 Index, had moved to ‘bullish’ from ‘neutral’ a day ago. While sentiment toward the Invesco QQQ Trust (QQQ) ETF, which tracks the Nasdaq 100 Index, remained ‘bearish’ on Wednesday, amid high message volumes.
Trading Holiday Schedule
- Equities Close: 1:00 PM ET today.
- Bond Markets Close: 2:00 PM ET today.
- Thursday, Dec 25: All U.S. markets are closed for Christmas Day.
Trending Stocks To Watch
Alphabet (GOOGL): Waymo said it will update its software used in self-driving vehicles following a high-profile fleet stall in San Francisco.
AST SpaceMobile (ASTS): Successfully launched its "BlueBird 6" satellite, the largest commercial communications array ever put into orbit. Also, keep an eye on space-related stocks, such as Starfighters Space Inc. (FJET), which have been in the news this week.
Dynavax (DVAX): Shares of Dynavax are in the spotlight following news that pharma giant Sanofi will acquire the vaccine maker to expand its vaccine portfolio in a $2.2 billion deal.
Agios Pharmaceuticals Inc. (AGIO): The US FDA has granted approval to the company for AQVESME (mitapivat) for the treatment of anemia in adults who have alpha- or beta-thalassemia.
Abivax (ABVX): This stock is catching retail attention amid reports that Eli Lilly met with French officials about a possible M&A deal.
Ramaco Resources (METC): In after-hours trading, the board authorized a $100 million stock repurchase program.
UiPath (PATH): Gaining traction after S&P Dow Jones Indices announced its admission into the S&P MidCap 400, effective before the year ends.
Other noteworthy tickers trending on Stocktwits at the time of writing were Medical Properties Trust (MPW), Critical Metals (CRML) & Churchill Capital X (CCCX).
Other Catalysts To Track
On the economic front, traders will keep an eye out for weekly jobless claims.
- Initial Jobless Claims (8:30 AM ET)
- EIA Crude Oil Inventories (10:30 AM ET)
The light earnings calendar today includes Bright Minds Biosciences (DRUG) and Scully Royalty (SRL).
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