Traders closely monitored the S&P 500’s progress towards reaching a new record high, resulting in flat stock futures on Wednesday. The S&P 500 and Nasdaq-100 futures experienced a minor decline, while Dow Jones Industrial Average futures only dropped by 16 points.
These market movements followed a successful day on Wall Street as the final trading week of 2023 commenced. Due to the observance of Christmas Day, the stock market remained closed on Monday.
Tuesday’s gains brought the S&P 500 within 0.5% of its previous closing record of 4,796.56 from January 2022. Furthermore, the Nasdaq-100 achieved an all-time high during the previous session.
These recent increases contribute to a strong overall performance for the stock market this year. With just three trading sessions remaining in 2023, the Dow and S&P 500 are set to finish the year with respective gains of 13% and 24%. Meanwhile, the Nasdaq Composite has experienced a remarkable rise of 44%, outperforming due to the resurgence of mega-cap technology and the growing popularity of artificial intelligence. If this trend continues, the tech-heavy benchmark is on track to achieve its highest annual gain since 2003, when it soared by 50%.
Source (CNBC)
