Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, US, November 22, 2024.
Brendan McDiarmid | Reuters
Stock futures were flat in overnight trading Sunday evening ahead of the final few trading sessions of 2024.
Futures tied to the Dow Jones Industrial Average were flat, while S&P 500 futures rose 0.04%. Nasdaq 100 futures rose 0.1%.
The major averages head into the end of the year just shy of record highs, with the S&P 500 and Dow Jones up more than 25% and 14%, respectively, on track for their best year since 2021. The Nasdaq gained more than 31%.
Indexes are also headed toward a winning fourth quarter, with the Nasdaq on pace for its longest quarterly winning streak since the second quarter of 2021.
Despite a losing session for all the major averages on Friday, investors are hoping stocks will continue to rise through the end of the year and into the new year, sparking what is known as the Santa Claus rally. This phenomenon refers to the market rising in the last five trading days of the calendar year and the first two days in January. The S&P 500 has returned 1.3% on average over this period since 1950, according to LPL Financial.
This week will see a light period of economic data, with the market closed on Wednesday in observance of New Year's Day. Chicago PMI and pending home sales data are scheduled for release on Monday.
