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Afternoon Note

Holiday Mode

By John Jean, Research Analyst
12/26/2024 1:43 PM

Many must still be drinking eggnog and enjoying the holiday, as volumes are extremely light.

Advancers are outpacing decliners, and new highs topped new lows on the NASDAQ, while new lows still outpace new highs on the NYSE.

Major indices recovered from their morning lows to turn positive but have since turned lower, again. The Russell 2000 is currently the best performer, while the S&P 500 is the laggard, up 0.02%.

Seven out of eleven sectors are moving higher, albeit marginally. Consumer Staples (XLP) is in the lead, up 0.28%, while Consumer Discretionary (XLY) is the weakest, down 0.28%.

Tesla (TSLA) helped lead the Consumer Discretionary sector higher, but today it is leading the sector lower due to some profit taking.

In other news, Chinese authorities have announced that next year they will have a special issue of 3 trillion yuan ($411 billion) to help stimulate the economy. This is around a 2 trillion yuan increase from last year and is likely influenced by the prospect of an impending tariff battle with Trump.


 

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