US Futures Flag Muted Open Post Tech Rally – Europe Market Wrap
US market futures nudged up in tepid pre-holiday trade, indicating a slow start on Wall Street following Monday’s tech-led gain.
Contracts on the S&P 500 gained approximately 0.1%, while those on the Nasdaq 100 rose 0.2%. Europe’s Stoxx 600 rose 0.3%, with major markets including Germany closed and others, such as London and Paris, set to close early. France’s CAC 40 excelled after Prime Minister Francois Bayrou stated that he hoped to lower the country’s budget deficit to around 5%.
The S&P 500 is on track to post a record yearly return and two consecutive years of gains of more than 20%. The index has climbed by around 25% since the end of 2023. The top seven largest technology firms accounted for more than half of the increase, albeit market breadth increased in the second part of the year.
In contrast, European stocks have underperformed due to slow economic growth and political unrest in France and Germany. The Stoxx 600 has fallen more than 4% since its September high, on track for its worst quarterly loss in two years.
