Metals Trade Continues Its Bull Run

U.S. stock futures are higher in premarket trading as the shortened holiday week begins. Markets close at 1 PM ET on Wednesday and are closed on Thursday for Christmas, as traders grow more optimistic of a Santa Claus rally into the end of the year.

Wall Street is coming off a mixed week for the major indices. A late-week surge on Thursday and Friday in tech stocks helped lift the S&P 500 (SPX) and Nasdaq-100 (NDX) to their third winning week in four, up 0.1% and 0.6%, respectively.

The 30-stock Dow, which has outperformed this month, fell 0.7%, snapping a three-week winning streak. Gold (/GC) and Silver (/SI) futures are at record highs today and Bitcoin (/BTC) Futures are higher near $90K. With no earnings due this week, investor focus will be on delayed data including Q3 GDP and Durable Goods Orders.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are up about 2% near $57.60 a barrel after officials said the U.S. had intercepted an oil tanker in international waters off the coast of Venezuela, raising fears of supply disruption.
• Gold (/GC) – – Gold prices are up over 1.63% and soared to a new all-time high overnight near $4,460. Gold surged past $4,400 an ounce for the first time, driven by expectations of US rate cuts and strong safe-haven demand
• Bitcoin (/BTC) – The Crypto Future is up 2% near 90,000 in premarket trading.
• VIX – The CBOE Volatility Index was down 11.6% on Friday and settled at 14.91 as stocks were higher.
• U.S. Dollar (/DX) – The dollar is down 0.16% to 98.44.

Biggest Premarket Movers (as of 7 AM ET)

1. Oracle (ORCL): +2.52%
2. Nvidia (NVDA): +1.79%
3. Intel (INTC): +1.66%
4. Advanced Micro Devices (AMD): +1.53%
5. Uber Technologies (UBER): +1.45%

1. UnitedHealth Group (UNH): -0.59%
2. Honeywell International (HON): -0.56%
3. Merck & Co (MRK): -0.29%
4. Linde PLC (LIN): -0.25%
5. AT&T (T): -0.25%

Economic Data

• None

Notable Earnings

• Premarket: N/A
• Postmarket: N/A
• Premarket Tuesday: N/A
• Postmarket Tuesday: LMNR

Upgrades/Downgrades

• Raymond James upgrades Cummins (CMI) to Outperform from Market Perform
• Loop Capital upgrades Ollie’s Bargain Outlet (OLLI) to Buy from Hold

This material is intended for informational purposes only and should not be considered a personalized recommendation or investment advice. Investors should review investment strategies for their own particular situations before making any decisions.

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