Techs led as US stock futures surged on Thursday, getting the new year off to a roaring start as Wall Street returned from holiday.
Contracts tied to the S&P 500 (ES=F) popped roughly 1%, while Dow Jones Industrial Average futures (YM=F) rose 0.8%. Futures on the tech-heavy Nasdaq 100 (NQ=F) surged 1.1% as traders returned from Wednesday’s holiday shutdown.
Markets are eyeing a comeback after a year-end slide to begin the week dented hopes for a “Santa Claus rally.” But the decline capped a blowout 2024 for US stocks that saw the S&P 500 (^GSPC) post two years of over-20% gains in a row — something it hasn’t achieved in almost three decades.
Several Big Tech stocks rose in early morning trade, with shares of Nvidia (NVDA), Amazon (AMZN), and Meta (META) all climbing as optimism around artificial intelligence crept back in. Investors have been debating what role the “Magnificent Seven” stocks will play in powering markets in 2025 after their massive outperformance last year.
Later Thursday, fresh readings on weekly jobless claims and manufacturing activity could test investors’ hopes for the US economy that helped underpin last year’s roaring stock market rally.
On the corporate front, Apple (AAPL) shares nudged lower after the iPhone maker offered rare price discounts on its latest models in China, reflecting rising competition from local handset makers. Meanwhile, Alibaba’s (BABA, 9988.HK) stock tipped lower as markets absorbed news the Chinese e-commerce giant will sell its shares in hypermarket chain Sun Art (SURRY, 6808.HK) at a steep discount.
Tesla (TSLA) shares moved higher ahead of the release of fourth quarter delivery data by the EV maker and after a Cybertruck exploded in Las Vegas on Wednesday, killing its driver. The FBI is investigating whether the blast outside the Trump International Hotel was an act of terrorism.
Coming soon
Live stock market coverage for Thursday, January 2, 2025.
