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earlier this month outside the New York Stock Exchange building, which was decorated for the holiday season.
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In short Christmas Eve trading on Tuesday, December 24, 2024, the S&P 500 rose 1.1%, driven by strength in the tech sector.
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Tesla shares soared as analysts predicted strong quarterly deliveries but highlighted the company's long-term ambitions as a more important catalyst.
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Broadcom shares extended their gains in December, boosted by positive AI expectations for the chipmaker.
Major U.S. stock indexes gave investors some holiday cheer, rising during shortened trading hours on Christmas Eve.
The S&P 500 rose 1.1% on Tuesday, while strength in the tech sector helped lift the Nasdaq index 1.4%. The Dow Jones Industrial Average rose 0.9% as financial markets prepared for the Christmas holiday on Wednesday.
Tesla (TSLA) shares rose 7.4%, leading the S&P 500; Upbeat trading session for the Magnificent Seven tech stocks. Analysts at Barclays said they expected the company to deliver a record number of vehicles in the fourth quarter, but said the impact on the stock price could be minimal. The investment bank believes Tesla's recent momentum is driven by long-term opportunities in self-driving and artificial intelligence, rather than short-term indicators.
Super microcomputer (SMCI) shares rose 6%, partially recovering from a series of losses that coincided with last week's removal from the Nasdaq 100 index. Earlier this month, the server and data storage provider received an extension from the Nasdaq exchange to delay filing its annual report until February.
Broadcom stock continued to rise in December (AVGO), added 3.2%. Semiconductor makers' pre-Christmas sales extended gains recorded in the previous session after UBS analysts announced AI revenue forecasts increased Broadcom's price target has been raised.
Starbucks (SBUX) stock rose 2.8%. The baristas, who are participating with the support of the labor union, Strike against coffee chain I'm planning to go back to work tomorrow. Starbucks executives said Monday that about 97% to 99% of its stores will remain open, adding that the strike is not expected to significantly impact U.S. operations.
The worst performer on the S&P 500 on Christmas Eve was Walgreens Boots Alliance stock (W.B.A.), down 1.2%. The company's stock price soared in early December following reports that the pharmacy operator had fallen into financial trouble. talk about selling yourself However, it has been on a downward trend since then, and will continue to decline by nearly 65% in 2024.
