Stock futures were slightly higher as trading got underway for 2025, with hopes that the market can regain the momentum that propelled it to log two-straight years of annual gains above 20%. Although stocks fell in weak trading in the final days of 2024, the year still produced solid returns. The S&P 500 surged 23% last year, while the 30-stock Dow added nearly 13%.
Fueled by the enthusiasm around artificial intelligence and interest rate cuts, the Members of the so-called Magnificent Seven were behind much of the market's action in 2024. AI chip darling Nvidia notched a 171% gain for the year, while iPhone maker Apple rose 30%. But these big gains led to some profit-taking at the year's end. The S&P 500 recorded four-straight down days to cap the year — a first since 1966. The so-called Santa Claus rally, a well-known market indicator is usually characterized by rising stocks in the five final days of a calendar year and the first two trading days of January. The broad index rises an average of 1.3% during this period and has finished higher almost 80% of the time, according to Dow Jones market data going back to 1950. The holiday-shortened week has been light on economic data, but Thursday will bring a look at weekly jobless claims that will offer a read on how the labor market is faring
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