EB Daily Market Report - Brief Update - Tuesday, December 24, 2024

This is just a quick recap of today's market action ahead of the Christmas holiday.

It was an abbreviated session, but the action was mostly bullish as our major indices showed higher futures overnight and followed that up with gaps higher at the opening bell. We did continue to see outperformance by the growth-oriented NASDAQ 100, as the Mag 7 stocks had another stellar day. Tesla (TSLA, +7.35%) led the action. Amazon.com (AMZN, +1.77%) also had a strong day and the strength of these two helped the consumer discretionary sector (XLY, +2.33%) to lead all sectors on the session. All 11 sectors finished higher, however, so this was definitely a broader advance than we had seen throughout much of December.

For the first time in December, the small cap Russell 2000 (IWM, +0.92%) printed a higher low for a 2nd consecutive day. I'll be interested to see if this recent strength gathers steam after the Christmas holiday, but at first glance, I'd say this could be the start of the Santa Claus rally in the broader market that we've grown accustomed to over the years.

Happy trading!

Tom