The major benchmarks just won their eighth-straight week
Stock futures are inching higher to begin the last week of 2023. The S&P 500 Index (SPX) is returning from the Christmas holiday having just turned in its eighth-straight weekly win, moving within a chip-shot of record high levels. In addition, the Dow Jones Industrial Average (DJI) and Nasdaq-100 (NDX) also registered eight consecutive weekly gains on Friday, with all three staring at a potential ninth to bookend the year.
Continue reading for more on today's market, including:
- How the Santa Claus rally played out.
- Take a cautious approach to energy stocks in 2024.
- Plus, Nio's new EV; billionaire takes stake in soccer club; and more holiday woes for Southwest Airlines.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts and 661,058 put contracts traded Friday. The single-session equity put/call ratio fell to 0.58, and the 21-day moving average stayed at 0.69.
- U.S.-listed shares of China-based Nio Inc (NYSE:NIO) are 3.9% higher this morning, after the electric vehicle (EV) maker unveiled its ET9. The four-seat executive sedan comes with a $112,780 price tag, and deliveries are anticipated to begin in early 2025. Year to date, NIO is down 13.6%.
- British billionaire Jim Ratcliffe agreed to buy a minority stake in Manchester United PLC (NYSE:MANU), helping the equity to a 4.3% premarket lead. According to a statement from the club, Ratcliffe will acquire 25% of Class B shares and up to 25% of Class A shares, while providing $300 million for future capital to go towards the Old Trafford soccer stadium. Over the last nine months, MANU has shed 17.1%.
- Shares of Southwest Airlines Co (NYSE:LUV) are 0.2% higher premarket and adding to a 15.4% December lead, even after the company canceled hundreds of flights between Sunday and Monday. Southwest blamed dense fog at Chicago's Midway International Airport, but the situation is reminiscent of last years holiday travel disruptions that last week resulted in a $140 fine for the company from the Department of Transportation.
- What to look out for in the last week of 2023.
Asian Markets Mixed to Begin Last Week of 2023
Asian markets started off the last week of 2023 mixed. South Korea’s Kospi and Japan’s Nikkei added 0.2% and 0.1%, respectively, while China’s Shanghai Composite shed 0.7% amid the country’s proposed rules on gaming. Elsewhere, Hong Kong’s Hang Seng was closed for Boxing Day.
In Europe, London’s FTSE 100, France’s CAC 40, and the German DAX are all closed for the Bank holiday.