'Twas The Night Before Christmas.
On the eve of eve of Christmas, US market managed to recover from a shaky morning to close Mon, 23 Dec 2024 in the green, starting a holiday-shortened week off on a positive note.
By the time it was 4pm: (see above)
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DJIA: +0.16% (+66.69 to 42,906.95).
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S&P 500: +0.73% (+43.22 to 5,974.07).
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Nasdaq: +0.98% (+192.29 to 19,764.88).
Ultimately, it was the Tech stocks that helped lifted both S&P 500 and Nasdaq to close higher. (see above)
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Tech (XLK) and Communications (XLC) rose by +1.06% & +0.55% respectively on Monday.
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Followed by Healthcare sector (XLV), finishing the day at +1.00%.
Consumer Confidence Report.
Some analysts attributed the morning market’s turbulence to the release of the CB Consumer Confidence report. (see above)
For December 2024, the Consumer Confidence Index® fell by -8.1 points to 104.7:
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Present Situation Index—based on consumers’ assessment of current business & labour market conditions, fell -1.2 points to 140.2.
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Expectations Index—based on consumers’ short-term outlook for income, business, and labour market conditions, tumbled -12.6 points to 81.1. It is just above the threshold of 80 that usually signals a recession ahead.
As noted by Conference Board, Chief Economist, Dana M. Peterson:
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The recent rebound in consumer confidence was not sustained in December as the Index dropped back to the middle of the range that has prevailed over the past 2 years.
The Conference Board's (CB) Consumer Confidence index, a key barometer of consumer sentiment and spending in the US economy.
The latest figure fell short of economists' expectations, and also marked a decrease from November’s reading of 111.7.
This downturn indicates a drop in consumer optimism, which can potentially impact overall economic activity, considering consumer spending plays a substantial role in the economy.
On Tue, 24 Dec 2024, the US New Home Sales report will be released before trading begins. Will the 4-hour trading US market be affected ? Will know when we get there.
First day.
Shares of $Palantir Technologies Inc.(PLTR)$ wavered on its first day in the prestigious index:
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It fell to a low of $77.65 on opening morning, before staging a recovery after 10:10am.
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There were moments when the stock trended higher than Friday’s closing of $80.55.
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Palantir closed marginally higher to end first day at $80.69.
Latest news on PLTR reported by The Financial Times is Palantir & Anduril, 2 of the largest US defence technology companies, are in talks with about a dozen competitors to form a consortium.
The consortium will jointly bid for US government work, in an effort to disrupt the country’s oligopoly of “prime” contractors.
The prime contractors referred to includes - $Lockheed Martin(LMT)$, $RTX Corp(RTX)$ (formerly known as Raytheon) and $Boeing(BA)$.
All these in an attempt to grab a bigger slice of the $850 billion government defence budget.
Rounding off PLTR on a very positive note, Jim Cramer, the energetic host of Mad Money and former hedge fund manager said on “X” that investors really want PLTR to reach $100 per share. (see above)
He also thinks investors have the money to make it happen.
As usual, lacking in detail, Cramer’s comment however, was undeniably bullish.
To hit the dream-target $100 by 31 Dec 2024, it requires PLTR shares to rally another +22.6% in just 4½ days.
This works out to an average $4.30 per session.
In contrast, during the last 30 days – a period that featured a +23.40% rally, PLTR shares were rising an average of $1.25 per session.
Do you think the $100 price target “set” by Jim Cramer is achievable by year end ?
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Do you think the US New Home Sales report will shake US market on half day trading Tuesday ?
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Do you think PLTR hitting $100 is forever impossible OR a 2025 attainable goal ?
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Comments
However, it is definitely short on the "idealistic" $4.30 gain per trading session, needed for the next 4 days in order to hit the $100 mark, as predicted by Jim Cramer.
I am happy and satisifed if PLTR continues to climb a notch higher and hold onto the new spot, $100 or not.
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