24 Dec Santa Rally Kick Off With Tesla and Semi Stocks

The stock market charges higher in a holiday-shortened session on Tuesday to make Santa Claus rally that market is wishing for to start off with a good session.

The Dow Jones Industrial Average rose and other major indexes surged in the shortened Christmas Eve trading session on Tuesday. The NASDAQ climbed 1.35% to recoup nearly all of its losses from last week's sell-off and close above 20,000. The S&P 500 rose 1.1%, while the DJIA advanced 0.91%. All three major indexes posted gains yesterday after recovering from a shaky morning.

Tesla (TSLA) and $Palantir (PLTR.US)$ basked in the technology sector's glow on the stock market on Tuesday (24 Dec), PLTR was up 2.09%.

S&P 500 Consumer Discretionary and Technology Makes Nice Rebound

Tesla (TSLA) rose more than 7%, leading the Magnificent Seven stocks higher, it also lend support to push the consumer discretionary sector to led the S&P 500 sector with 2.62%. $Amazon (AMZN.US)$ also went up by 1.77% to contribute to the sector rise.

The technology sector was boosted by advanced chipmakers Broadcom (AVGO) and Advanced Micro Devices (AMD) continued to rise after leading the S&P 500 yesterday when each was given a boost by analysts' bullish comments about their artificial intelligence potential.

A Warren Buffett stock $Ulta Beauty (ULTA.US)$ hit fresh highs with 1.44% gain despite the Oracle of Omaha's recent unloading of the issue.

24 Dec Santa Rally Kick Off With Tesla and Semi Stocks

American Airlines (AAL) shares recovered from earlier losses after a technical issue forced the carrier to briefly ground all of its flights on one of the busiest travel days of the year.

Note Yield Ended Little Changed

Treasury yields ended Tuesday little changed, with the 10-year yield closing four basis points down at 4.589%. Yields have risen 20 basis points since the Federal Reserve last week scaled back its forecast for future interest rate cuts.

2-year yield was up five basis points to close at 4.349%, this has shown that the yield does correlate with how the interest rates would move.

Stocks To Watch

$Tesla (TSLA.US)$ shares powered 7.4% higher, leading the charge for the S&P 500 and spearheading an upbeat trading session for the Magnificent Seven tech stocks. Barclays analysts noted that, while they expect the electric vehicle maker to post record fourth-quarter deliveries, the effect on the stock could be minimal. Rather than short-term metrics, the investment bank believes Tesla's recent momentum hinges on its long-term opportunities in self-driving and artificial intelligence.

Super Micro Computer (SMCI) shares gained 6%, partially recovering from a string of losses that coincided with last week's removal of the stock from the Nasdaq 100 Index. Earlier this month, the server and data storage provider received an extension from the Nasdaq exchange for the filing of its delayed annual report until February.

The December rally continued for shares of $Broadcom (AVGO.US)$ , which added 3.2%. The chipmaker's Christmas advance extended gains posted in the previous session after UBS analysts increased their AI revenue estimates for Broadcom and boosted their price target on the stock.

With the semiconductor stocks showing some strength which is helping to kick off the Santa rally, AVGO seem to be still in a price range which we can look into, as it continue to trade above the short-term and long-term MA and MACD is showing bullish upside movement.

MTF is giving strong upward trend which should encourage investors to look into this stock for the long term, another way is to look at SMH.

Starbucks (SBUX) shares ticked 2.8% higher. The union-backed baristas who have been participating in a strike against the coffee chain are expected to return to work tomorrow. A Starbucks executive said Monday that around 97% to 99% of stores will remain open, adding that the strike wasn't expected to have a major effect on operations nationwide.

Summary

I believe we should be seeing more strength coming from other technology stocks after the christmas holiday, this should further set the stage for a continued santa rally to help the market to enter 2025 on a positive notes.

Appreciate if you could share your thoughts in the comment section whether you think santa rally could help to prepare the market to start 2025 in a positive notes.

Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.

Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only. Read more

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nerdbull1669

Use A.I. to pick stocks. Find me in YouTube handle nerdbull1669

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