Closing Recap

Thursday, December 26, 2024

U.S. stocks shook off some weakness in the overnight session and finished roughly flat amid an otherwise sleepy trading day on Wall Street. Volumes were light but hopes for a continuation of the famed “Santa Rally” were quite present. The Russell 2000 led the advance today, a notable change as breadth was positive; advancers outpaced decliners by a 1.4:1 ratio. Bitcoin showed up to work Thursday with a post-Christmas hangover, down 4% for the day at the time of post. Treasury yields reversed broadly across the curve, showing overnight strength but ending the trading day well off their highs, mostly flat-to-lower. The 10y yield had reached its highest level (4.639%) since May of this year prior to ending the session in red territory, slightly lower (4.579%). Mixed performance from the S&P sectors, indicative of a largely unchanged session overall. Consumer staples, real estate, and technology led the gains. Energy and utilities lagged.