Stocks look set for a relatively flat open as markets look to close out the year on a high note.
Letâ€™s stop pretending for one day that the news matters. Because there is no news today, other than the fact that the year is ending, though that shouldnâ€™t be news to anyone. Is Covid-19 still spreading? Yes. Are vaccines slowly being doled out? Yes. Are Republicans and Democrats still bickering even as $600 payments start to go out to Americans? Of course. Jobless claims are due at 8:30 a.m., but does anyone think theyâ€™ll actually move the market?
Which means weâ€™re going to end the year with some very good gains, despite everything thatâ€™s happened. S&P 500 is up 15.5% in 2020, and has now gained 48.7% over the past two years, the largest two-year gain since 1999. Itâ€™s as if the bear market never happened.
â€œIn what should be a quiet day of trading ahead of New Yearâ€™s Eve, U.S. stocks will finish a difficult and tumultuous year at record levels, having staged a dramatic recovery and indicating further gains in 2021,â€ writes Tigress Financialâ€™s Ivan Feinseth.
See you on the other side.
Exxon Mobil (XOM) has ticked up 0.2% after providing an update to factors that could impact fourth-quarter earnings.
Tesla (TSLA) has gained 1.3% after getting started at Buy at Masterlink Securities.
Palo Alto Networks (PANW) has advanced 0.6% after its price target was raised to $419 from $370 at BTIG.
Alphabet (GOOGL) has risen 0.2% after Baird raised its price target to $2,000 from