US stock futures are pointing lower to start the holiday-shortened week after a disappointing end to last week’s markets. The dip comes as investors lose faith in a “Santa Claus rally” and yields on the 10-year Treasury note hover around 4.6%. Boeing stock is down about 3% in premarket trading following a crash of one of its 737-800 planes in South Korea, killing 179 people.
Tesla shares are also lower, down 2%, ahead of the company’s fourth-quarter delivery report later this week. Analysts expect deliveries to be around 510,000 units, representing 10% growth from the prior quarter and 5% year-over-year improvement. The company has seen a surge in shares since the Nov. 5 presidential election.
Meanwhile, pending home sales data is expected to slow down in November, with the National Association of Realtors Pending Home Sales Index likely rising by only 0.7%. Investors will also get readings on the S&P Case-Shiller Home Price Index and construction spending data later this week.
The cryptocurrency market is also experiencing a downturn, with bitcoin trading below $94,000 after pulling back from its $100,000 level last week. Shares of companies related to bitcoin, such as MicroStrategy, Riot Platforms, MARA Holdings, and Coinbase Global, are lower due to the recent price decline.
Source: https://www.investopedia.com/5-things-to-know-before-the-stock-market-opens-december-30-2024-8767394