Landon Capital

Wall Street Sees Tepid Movement in Stock Futures Ahead of Potential Year-End Record High

Stock futures showed minimal movement on Thursday evening as Wall Street geared up to conclude a prosperous year and possibly reach a new milestone.

S&P 500 futures inched up by less than 0.1%. Meanwhile, Dow Jones Industrial Average futures saw a slight uptick of 17 points, less than 0.1%, and Nasdaq-100 futures also exhibited marginal gains.

As the final trading day of 2023 approaches, the S&P 500 sits less than 0.5% away from potentially reaching a fresh record high. This impending achievement could punctuate a robust rally that gathered momentum in the latter months of the year.

Throughout 2023, the narrative largely centered on the fervor surrounding artificial intelligence, driving substantial gains for the “Magnificent 7” stocks such as Nvidia and Microsoft. This bolstered market indexes despite the challenges faced by the average stock due to escalating interest rates, thereby amplifying the outperformance of the tech-centric Nasdaq.

The Nasdaq Composite surged by over 40% over the course of 2023. However, the

Federal Reserve’s indications of potentially ceasing rate hikes and even contemplating multiple rate cuts in the following year caused a plunge in the 10-year Treasury yield. From its late-October mark above 5%, the yield dropped to less than 3.9% by Thursday. This shift in sentiment among investors has also fostered growing confidence in a potential “soft landing,” averting a recession in the U.S. economy.

Consequently, the market rally diversified in the fourth quarter, witnessing the Dow, predominantly composed of industrial stocks, achieve a series of record highs this month. Additionally, the small-cap Russell 2000 surged by almost 14% in December, heading towards its most successful month since November 2020.

Ryan Detrick, Carson Group’s chief market strategist, highlighted during Thursday’s “Closing Bell” that historical data suggests a gain of 10% or more in the final two months of a year typically signals further potential for stocks to ascend.

Stock Markets End Mixed as Sector Gains Offset by Declines, Dow Hits All-Time High

​The U.S. stock market saw a mixed performance at the Thursday close. Sectors like Telecoms, Utilities, and Financials saw gains, boosting shares, while sectors such as Oil & Gas, Consumer Goods, and Basic Materials faced losses.

By the close on the NYSE, the Dow Jones Industrial Average reached a new all-time high, rising by 0.14%. The S&P 500 index experienced a modest climb of 0.04%, while the NASDAQ Composite index dipped by 0.03%.

Notable movers in the Dow Jones Industrial Average included Nike Inc, advancing by 1.60%, reaching 108.84 by the close. Conversely, Chevron Corp faced a decline of 1.39%, settling at 149.80. Among the top performers on the S&P 500 were Match Group Inc, rising by 2.57%, and Tesla Inc, facing a 3.16% decrease.

Within the NASDAQ Composite, Nova Lifestyle I surged by an impressive 203.23%, reaching 4.70, while Bluejay Diagnostics Inc experienced a significant decline of 34.17%, ending at 1.19.

Across the broader market, declining stocks outnumbered advancing ones on the NYSE, with 1519 falling against 1363 advancing and 91 remaining unchanged. Similarly, on the Nasdaq Stock Exchange, 1766 stocks fell, 1648 advanced, and 126 stayed unchanged.

In specific stock movements, Advanced Micro Devices Inc reached a 52-week high, climbing by 1.84% to 148.76, while Bluejay Diagnostics Inc hit an all-time low, dropping by 34.17% to 1.19.

The CBOE Volatility Index, reflecting S&P 500 options’ implied volatility, saw a slight increase of 0.32% to 12.47.

Commodity trading showed a decrease in Gold Futures for February delivery by 0.80% to $2,076.30 per troy ounce. Meanwhile, Crude oil for February delivery fell by 2.87% to $71.98 per barrel, and the March Brent oil contract dropped by 2.68% to $77.41 per barrel.

In currency markets, EUR/USD remained steady at 1.11, while USD/JPY fell by 0.32% to 141.37. The US Dollar Index Futures experienced a rise of 0.27% to 100.92.

Connecticut Wealth Management LLC Bolsters Thermo Fisher Scientific Holdings by 180.7% in Q3

Connecticut Wealth Management LLC revealed a notable surge in its holdings of Thermo Fisher Scientific Inc. (NYSE:TMO – Free Report), marking a substantial increase of 180.7% during the third quarter, as per its recent SEC disclosure. The firm acquired an additional 2,557 shares, bringing its total ownership to 3,972 shares of the medical research company’s stock by the end of this period, valued at $2,011,000 according to the latest SEC filing.

This upsurge in holdings adds to the momentum seen by various institutional investors and hedge funds actively engaging with Thermo Fisher Scientific. Bornite Capital Management LP, for instance, boosted its holdings by 50.0%, amassing 30,000 shares worth $17,719,000. Similarly, Fairfield Bush & CO. increased their stake by 1.2%, now owning 2,928 shares valued at $1,729,000. Other players like Loomis Sayles & Co. LP and Covestor Ltd also significantly expanded their positions, illustrating the collective institutional ownership of 87.06% of the company’s stock.

Thermo Fisher Scientific continues to attract attention and investment interest from various financial entities, demonstrating sustained confidence in the company’s potential for growth and value within the medical research landscape.

Investing is a bit like choosing the perfect slice of pizza—there are endless options, tempting varieties, and sometimes, you might burn your tongue if you’re too impatient. But hey, when you find that golden slice, loaded with the right toppings and perfectly baked, it’s a taste of victory that leaves you hungry for more. Just like investing, it’s about picking the right blend, savoring the flavors of risk and reward, and knowing that sometimes, it’s worth waiting for that perfect investment pie to come out of the oven. After all, who doesn’t love a portfolio that’s as satisfying as a delicious, well-invested slice?