Wall Street Looks to Close Out 2023 in Style

The major benchmarks are on track for healthy gains in 2023

Deputy Editor
Dec 29, 2023 at 9:02 AM
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Futures on Wall Street are sluggish on the last trading day of 2023, as stocks look to close out a winning year. The S&P 500 Index (SPX) will have a shot at a record close today, while the Dow Jones Industrial Average (DJI) last night closed at a new all-time high. The tech-driven Nasdaq-100 (NDX) is also looking to finish strong, as Wall Street's "fear gauge," the Cboe Volatility Index (VIX), paces for its worst annual performance since 2019.

Continue reading for more on today's market, including: 

Futures Chart December 292023

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts and 903,441 put contracts traded Thursday. The single-session equity put/call ratio fell to 0.66, and the 21-day moving average stayed at 0.69. 
  2. Nomura downgraded LYFT Inc (NASDAQ:LYFT) to "neutral," but increased its price target to $13, citing shrinking market share and low profitability for the ridesharing company. In response, LYFT is down 2.8% before the bell, but is up 53.6% year-over-year.
  3. NVIDIA Corp (NASDAQ:NVDA) stock is up 0.3% before the bell, adding to a 252.8% 12-month lead, after the chipmaker revealed a slower gaming chip that is plans to sell in China in order to comply with new U.S. exports restrictions to the country. 
  4. The shares of electric vehicle (EV) firm Fisker Inc (NYSE:FSR) are 11.26% higher premarket, after the company revealed a 300% rise in deliveries between the third and fourth quarter. This increase was chalked up to strong demand for the company's Ocean SUV, and the EV maker said it plans to ramp up sales and deliveries in January. Year to date, Fisker stock is down 79.2%.
  5. What to look out for in the first week of 2024.

OV Buzz Chart Dec 29

Nikkei Stumbles on Last Day Despite Pacing Region in 2023

Asian markets closed out the last session of 2023 on a mixed note. China’s Shanghai Composite added 0.7%, while Hong Kong’s Hang Seng settled slightly above breakeven with a 0.02% gain. Elsewhere, Japan’s Nikkei shed 0.2%, but still finished as the region’s top gainer in 2023. The South Korean Kospi was already closed for the upcoming holiday.

European markets are looking to end the year on a high, as investors continue to digest U.S. jobs data and a SPX that nears record high territory. London’s FTSE 100 closed early with a 0.1% gain, and France’s CAC 40 and the German DAX are both up 0.3%.

 

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