Tesla Stock Gains, e.l.f. Beauty Soars, and the Stock Market Is Super Quiet

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Stocks look set for a relatively flat open as markets look to close out the year on a high note.

S&P 500 futures are little changed, while Dow Jones Industrial Average futures are little changed, and Nasdaq Composite futures have ticked up 0.1%.

Let’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 shouldn’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 they’ll actually move the market?

Which means we’re going to end the year with some very good gains, despite everything that’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. It’s as if the bear market never happened.

“In what should be a quiet day of trading ahead of New Year’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,” writes Tigress Financial’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.

e.l.f. Beauty (ELF) has gained 14% after getting added to the S&P Small Cap 600. Enphase Energy (ENPH) has risen 1.5% after getting added to the S&P 500.

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