Market Excitement Not Encouraging Towards Year End! This Is What Happens In The Stock Market


 Stock index futures linked to Wall Street's main index showed a flat performance on Wednesday after the S&P 500 rose to near record highs in the previous session on hopes that the Federal Reserve will cut interest rates as early as March.

Pre-market trading volume was seen as low, with most traders enjoying the New Year holiday and a lack of strong indicators, except for the weekly jobless claims data which is expected to come out on Thursday.

The momentum of eight straight weeks of gains in the main index picked up momentum two weeks ago after the Fed hinted at the final seeds of a rate hike and opened the door to a rate cut in 2024.

"Stocks look set to end the year on a strong note as the disinflation narrative continues to support bullish momentum in global risk assets," said Raffi Boyadjian, investment analyst.

Markets extended their bullish momentum on Tuesday in less choppy trade with major indexes near their highest closes since January 2022.

A close above the 4,796.56 level would confirm the S&P 500 is in an uptrend since touching the bottom of the bearish momentum market, which is the closing low reached in October 2022.

So far the Dow index futures are unchanged, the S&P 500 futures are down 1 point, or 0.02%, and the Nasdaq 100 futures are down 0.75 points.

Among individual moves, Bit Digital shares rose 9.3% in pre-market trading as the US-based bitcoin miner plans to double their mining operations.