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U.S. futures edged higher on Thursday morning, indicating a strong start to trading on the first day of 2025. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were up 0.74%, 0.43%, and 0.54%, respectively, at 3:34 a.m. EST, January 2.
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Investors are eager to capitalize on the solid performance of 2024, a year characterized by notable gains in the major indices. The Dow Jones, the S&P 500, and the Nasdaq Composite rose about 13%, 23.3%, and 28.6%, respectively. The upside was largely driven by optimism about artificial intelligence and the impact of interest rate cuts.
However, market momentum slowed towards the end of 2024 as the Federal Reserve maintained a cautious stance on interest rate cuts, citing concerns about persistent inflation. Also, hopes for a traditional “Santa Claus rally” were dampened.
Heading into 2025, Carson Group’s Chief Market Strategist Ryan Detrick remains optimistic about the U.S. stock market, citing robust corporate earnings and profit margins. He also expresses minimal concern about a recession, despite growing uncertainty surrounding potential policy shifts under Donald Trump’s administration.
Moving on, investors are awaiting the release of Weekly Jobless Claims data for the week ended December 27, 2024, to gain insights into the health of the labor market. Also, November’s construction spending report is set for release today.
Meanwhile, the U.S. 10-year treasury yield was down, floating near 4.551% at the time of writing. At the same time, WTI crude oil futures are trending higher, hovering near $71.95 per barrel as of the last check.
Elsewhere, European indices opened higher on Thursday morning as traders began the year on a positive note.
Asia-Pacific Markets Ended Lower on Thursday
Asia-Pacific indices traded in the red today. Investors’ sentiment was hurt after private survey data revealed slower growth in China’s manufacturing sector in December.
At the same time, Hong Kong’s Hang Seng Index was down 2.18%. Also, China’s Shanghai Composite and Shenzhen Component indices declined 2.66% and 3.14%, respectively. Further, Japan’s Nikkei and Topix indices closed lower by 0.96% and 0.6%, respectively.
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