Stock Market Today: Dow Jones, S&P 500 Futures Drop On Christmas Eve Despite Strong Q3 GDP Report—UiPath, AST SpaceMobile, Ramaco Resources In Focus

U.S. stock futures slipped on Wednesday after Tuesday’s higher close. Futures of major benchmark indices fell.

The equity markets will be closing at 1:00 p.m. and bond markets at 2:00 p.m. ET on the occasion of Christmas Eve, whereas it will be shut for the entire day on Thursday.

On Tuesday, the S&P 500 index ended at a new closing record after the Gross Domestic Product (GDP) expanded at a 4.3% annualized pace in the third quarter, surpassing estimates near 3.3% and marking the fastest growth rate in two years.

Meanwhile, the 10-year Treasury bond yielded 4.16%, and the two-year bond was at 3.53%. The CME Group's FedWatch tool‘s projections show markets pricing an 86.7% likelihood of the Federal Reserve leaving the current interest rates unchanged.

The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, were lower in premarket on Tuesday. The SPY was down 0.042% at $687.67, while the QQQ declined 0.0024% to $621.96, according to Benzinga Pro data.

Stocks In Focus

UiPath

• UiPath Inc. (NYSE:PATH) shares jumped 7.14% after it announced that the company will join the S&P Midcap 400.

• PATH maintains a stronger price trend over the short, medium, and long terms, with a poor value ranking. Additional performance details, as per Benzinga’s Edge Stock Rankings, are available here.

Citius Pharmaceuticals

• Citius Pharmaceuticals Inc. (NASDAQ:CTXR) shares climbed 8.65% after reporting better-than-expected earnings for the fourth quarter. The company posted a quarterly loss of 11 cents per share, compared to market estimates of a loss of 43 cents per share.

• It maintains a weaker price trend over the short, medium, and long terms. Additional performance details, as per Benzinga's Edge Stock Rankings, are available here.

Ramaco Resources

• Ramaco Resources Inc. (NASDAQ:METC) gained 8.05% after announcing a $100 million stock repurchase plan.

• Benzinga’s Edge Stock Rankings indicate that METC maintains a stronger price trend over the long term but a weaker trend in the short and medium terms. Additional performance details are available here.

AST SpaceMobile

• AST SpaceMobile Inc. (NASDAQ:ASTS) shares were 2.89% higher after it launched BlueBird 6 satellites.

• ASTS maintains a stronger price trend over the short, medium, and long terms. Additional performance details, as per Benzinga's Edge Stock Rankings, are available here.

Multi Ways Holdings

• Multi Ways Holdings Ltd. (NYSE:MWG) surged 62.86% after the Singapore-based company reported net revenue of $26.44 million for the six months ended June 30, up 87.65% from $14.09 million in the same period last year.

• Benzinga’s Edge Stock Rankings shows that LMNR maintains a stronger price trend over the short term and a weak trend in the medium and long term. Additional information is available here.

Cues From Last Session

Communication services, information technology, and energy stocks recorded the biggest gains on Tuesday, while consumer staples and health care bucked the trend to close lower.

Insights From Analysts

Chief Market Strategist Ryan Detrick is urging investors to remain optimistic, even as historical data warns that a failed “Santa Claus Rally” can signal trouble ahead. Detrick emphasizes market resilience despite recent volatility.

The “Santa Claus Rally”—defined as the final five trading days of the year and the first two of the next—serves as a key indicator for Wall Street.

Detrick notes that negative returns during this specific window often foreshadow a difficult first quarter. He points to the previous year as a cautionary tale, where a -0.5% holiday dip preceded a 4.6% decline in the first quarter.

“It is when Santa doesn’t show up that we should be worried,” Detrick admitted regarding the historical trend. However, he dismisses recent fears, noting that the index erased a 2.6% deficit in just three trading days. His advice remains firmly bullish: “Don’t stop believing in Santa will always be my take.”

See Also: How to Trade Futures

Upcoming Economic Data

Here's what investors will be keeping an eye on Wednesday.

• The initial jobless claims for the week ending Dec. 20 will be released by 8:30 a.m. ET.
• No data is scheduled to be released on Thursday and Friday.

Commodities, Gold, Crypto, And Global Equity Markets

Crude oil futures were trading higher in the early New York session by 0.15% to hover around $58.47 per barrel.

Gold Spot US Dollar rose 0.25% to hover around $4,496.12 per ounce. Its last record high stood at $4,525.96 per ounce. The U.S. Dollar Index spot was 0.12% lower at the 97.8220 level.

Meanwhile, Bitcoin (CRYPTO: BTC) was trading 0.87% lower at $86,757.78 per coin.

Asian markets closed mixed on Wednesday, as China’s CSI 300 and Hong Kong's Hang Seng indices rose. Whereas, Australia's ASX 200, India’s Nifty 50, South Korea's Kospi, and Japan's Nikkei 225 indices rose. European markets were mostly higher in early trade.

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