U.S. stocks are poised for a slightly lower open on Thursday in light trading volumes post-Christmas holiday, as investors assess their portfolios and anticipate a potential year-end boost from the “Santa Claus rally.”
Most megacap stocks were lower, with Nvidia dropping 0.8% in premarket trading, and Google-parent Alphabet shedding 0.5%. Government bond yields inched higher, with the benchmark 10-year note at 4.6312%.
At 08:33 a.m. ET, Dow E-minis were down 148 points, or 0.34%, S&P 500 E-minis down 21 points, or 0.34%, and Nasdaq 100 E-minis down 88 points, or 0.42%.
The S&P 500 and Nasdaq closed higher on Tuesday, buoyed by megacap stocks, which accounted for a significant portion of this year’s market gains. However, investors are wary of stretched valuations as the Federal Reserve projects fewer interest rate cuts in 2025.
Jobless claims data showed a decline to 219,000, below the 224,000 expected. Additionally, major banks and business groups filed a lawsuit against the Federal Reserve over the annual “stress tests.”
Cryptocurrency-related stocks fell after Bitcoin dropped over 3%, with Coinbase, Riot Platforms, and Mara Holdings all showing losses.
