© Reuters. FILE PHOTO: A trader works on the trading floor on the last day of trading before Christmas at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., December 23, 2021. REUTERS/Andrew Kelly
By Medha Singh
(Reuters) – U.S. stocks were set to open slightly lower on Friday, even as Wall Street’s main indexes looked to finish the year with handsome gains for the third time in a row, supported by massive stimulus, vaccine rollouts, and a strong retail participation.
Futures tracking the and the Dow slipped 0.2% each on the last day of 2021, after they scaled intraday all-time highs in the previous session.
The S&P 500 and Dow hit peaks this week, as optimism from early data suggesting the Omicron variant was less virulent than other strains outweighed worries from a record-high surge in U.S. cases and warnings of disruptions ahead.
“With no major market drivers and no important events scheduled, we do expect a quiet trading activity,” Charalambos Pissouros, head of research at JFD Group, wrote in a note.
“However, let’s not forget that due to thin liquidity, a sudden market-related headline may be enough to cause overstretched reactions.”
Aiding sentiment was a string of upbeat data this week, including a report that showed no impact yet of the rampant jump in infections on the U.S. labor market, although market action has been choppy in thin holiday trading.
At 8:35 a.m. ET, were down 70 points, or 0.19%, were down 6.5 points, or 0.14%, and were down 8.5 points, or 0.05%.
The benchmark S&P 500 is set to exit the year 27% higher, with energy sector’s 47.4% jump outperforming all other sector indexes. Real estate and technology sectors, up 44% and 34% respectively over the past year, were the next best performers.
The blue-chip Dow is set to rise 19%, while the tech-laden Nasdaq is on pace to climb 22%.
As investors prepare to ring in the New Year, fourth-quarter earnings, the pace of monetary policy tightening and midterm elections in the U.S. Congress will be key in determining the path forward for stock markets.
Among other individual companies, Xeris Biopharma Holdings Inc jumped 25.1% after the company’s drug Recorlev received approval for treating adult patients with Cushing’s syndrome, a rare hormonal disorder.
Tesla (NASDAQ:) Inc is recalling more than 475,000 of its Model 3 and Model S electric cars to address rearview camera and trunk issues that increase the risk of crashing. It shares however, edged 0.6% higher.
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