Stock Futures on Monday: A Look Ahead

As the year 2024 winds down, stock futures took a slight dip on Monday. The Dow Jones Industrial Average futures slipped by 93 points, or 0. 2%, while the S&P 500 and Nasdaq-100 futures both dipped by 0. 3%. This comes after a successful year for these major averages, with the S&P 500 and Dow up by over 25% and 14% respectively, and the Nasdaq gaining more than 31%. The fourth quarter has been kind to these benchmarks, with the Nasdaq on track for its longest quarterly winning streak since 2021. Investors are hopeful that this positive trend will continue into the new year, sparking what's known as the Santa Claus Rally. This phenomenon typically sees the market rise in the last five trading days of the year and the first two days of January. However, there are concerns that the market might be losing steam. Some investors took profits on Friday after the major averages saw losses. Tavis McCourt, an institutional equity strategist at Raymond James, noted that this could continue into January. "We've seen a lot of momentum in a small group of stocks over the past month, " he said. This week, economic data releases will be light due to the New Year's Day holiday on Wednesday. Key data like the Chicago PMI and pending home sales will be released on Monday.