Tech stocks made the Nasdaq a clear-cut winner in 2024
Stock futures are higher in the final trading day of 2024, as Wall Street looks to close another blockbuster year. All three major benchmarks are on track for their second consecutive annual gains, with the S&P 500 heading for its second-straight year of adding 20% or more. The year's top performer though was the Nasdaq Composite Index (IXIC) -- also the only index pointed higher for the month -- thanks to rate cuts, a stronger economy, and advancements in artificial intelligence (AI). The market will be closed tomorrow for New Year's Day.
Continue reading for more on today's market, including:
- The 25 best stocks to own in January.
- Schaeffer's Senior VP of Research Todd Salamone lists 3 SPX factors to watch heading into 2025.
- Plus, biotech buzz; NVDA's strong 2024; and praise for Vertex.
futures
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.8 million call contracts and 1.1 put contracts exchanged on Monday. The single-session equity put/call ratio dropped to 0.63 and the 21-day moving average stayed at 0.61.
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Shares of
Sangamo Therapeutics Inc (NASDAQ:SGMO) are 55.1% lower in pre-market trading and looking to cut into their 330.7% year-to-date lead, after partner
Pfizer (PFE) ended its co-development agreement for a hemophilia A gene therapy, giving the former rights to the product.
- Nvidia Corp (NASDAQ:NVDA) is on track to close a strong year on a high note, last seen 0.7% higher in electronic trading. With gains spurred on by enthusiasm around AI, NVDA is about to close out 2024 with a more than 177% gain.
- Vertex Inc (NASDAQ:VERX) stock is 0.4% higher before the opening bell, after DA Davidson initiated bullish coverage with a "buy" rating and $62 target price. VERX is set to exit the year with a more than 96% gain, and the analyst in question said the firm is positioned for even more success going forward.
- Light week of economic data ahead as New Year's Day approaches.
Overseas Stock See Quiet New Year Trading
Manufacturing data in China came in at 50.1 this month, missing expectations. Overall trading was muted for the New Year holiday, with Japanese and South Korean markets closed. However, consumer inflation for the latter grew 1.9% year-over-year in December. Hong Kong’s Hang Seng finished flat, while China’s Shanghai Composite sank 1.6%.
European stocks are modestly higher amid a closed German market and quiet trading. So far, London’s FTSE 100 has added 0.6%, while France’s CAC 40 has tacked on 0.9%.