Monday’s strong rally might push traders to the defensive, especially ahead of AI bellwether Nvidia Corp.’s (NASDAQ:NVDA) quarterly results due after the market close. Stock futures point to a modestly lower open on Tuesday. Analysts have begun cautioning of a pause after the month-to-date gains, but the unanimous opinion is that the seasonal rally will lift the market going into the year-end.
Traders will likely keep a close eye on the minutes of the December Fed meeting and the bond yields.
Cues From Tuesday’s Trading:
U.S. stocks settled solidly higher on Monday, with technology stocks leading from the front. Traders shed away some of their apprehensions that were evident in the second half of the past week as they begin to factor in a pivot by the Federal Reserve and a soft-landing scenario. Oil’s rally perked up, buying interest in energy stocks.
The averages opened mixed, and after a short bout of volatility in early trading, they advanced steadily through the session to end firmer,
The Nasdaq Composite and the S&P 500 indices were higher for a fifth straight session, with indices ending at their highest levels in over 3-1/2 months. The 30-stock Dow Industrials ended at its highest since August 14.
US Index Performance On Tuesday
| Index | Performance (+/-) | Value |
| Nasdaq Composite | +1.13% | 14,284.53 |
| S&P 500 Index | +0.74% | 4,547.38 |
| Dow Industrials | +0.58% | 35,151.04 |
| Russell 2000 | +0.52% | 1,807.08 |
Analyst Color:
The run-up seen in the recent uptrend does not deter an analyst and raises the specter of more upside for the remainder of the year. Carson Group’s Ryan Detrick said with the historic run seen in the past 16 trading days, some pause could happen at any time.
“But be aware that stocks tend to do quite well in December in a pre-election year, so any weakness likely will be another buying opp,” he said.
Sure, we’ve seen a historic run the past 16 trading days, so some type of pause could happen at anytime.But be aware that stocks tend to do quite well in December in a pre-election year, so any weakness likely will be another buying opp. pic.twitter.com/rSbD6yimMX
— Ryan Detrick, CMT (@RyanDetrick) November 20, 2023
Futures Today
Futures Performance On Tuesday
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