Market Futures Flat Before Holiday Break

Markets are settling into holiday mode, with stock futures slightly down on the last full trading day before Christmas. Here’s where things stand today:

  • Nasdaq-100: +0.37%
  • S&P 500: +0.04% (flat)
  • Dow Jones: -0.22%

On Friday, the S&P 500 rose 1.1%, recovering losses from earlier in the week after the Fed’s hawkish remarks about 2025 rate cuts.

Meme Stocks in the Nasdaq?

Two trendy names are joining the Nasdaq-100 today: MicroStrategy and Palantir. MicroStrategy, often called a Bitcoin proxy, stands out as its stock is tightly linked to Bitcoin’s price swings.

MicroStrategy in 2024: +431.6% year-to-date.

Why is Microstrategy tied to Bitcoin? Well.. The company holds billions of dollars in Bitcoin, making its stock highly volatile. Their CEO, Michael Saylor, has been buying Bitcoin since Aug 2020.

Palantir, another big name in AI, is up +1.1% in pre-market trading today.

Sector Highlights

  • Biotech Buzz:
    • Eli Lilly: Climbs on FDA approval of Zepbound, a breakthrough sleep apnea treatment
  • Global Markets:
    • Asia: Broad gains, led by Honda and Nissan on merger speculation
    • Europe: Quiet overall

Looking Ahead

  • Key Data Today:
    • Consumer Confidence (9 a.m. CST)
  • Tomorrow’s Data:
    • Durable Goods Orders
    • New Home Sales

Have a good holiday! More content to come later this week.

-Zach @ Quantifyed

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