The stock market was close to a flatline Monday night after all three major averages kicked off the holiday-shortened trading week in the green. This comes amid what is expected to be a more toned-down week for trading activity. On Tuesday, the New York Stock Exchange closes early at 1 p.m. ET for Christmas Eve, while the bond market closes at 2 p.m. The market is also closed on Wednesday for Christmas Day.
Tech names and semiconductor stocks were among the big winners of the day, lifting the S&P 500 and the Nasdaq. September's reading With few trading days in store, some investors are hoping for a Santa Claus rally to conclude what has already been a strong year for the market. And that's not completely out of the ordinary. According to the Stock Trader's Almanac, the But Jay Hatfield of Infrastructure Capital Advisors is calling for a bit of a stall in the market over the coming days. He is sticking with his year-end 2024 S&P 500 target of 6,000, which implies only a 0.4% increase for the broad market index from Monday's close. 'We might get a Santa Claus rally, but those aren't that powerful rallies,' the firm's CEO told CNBC.'We're neutral on the market.' Not all constituents in the retail ETF are on pace for a losing month, however. The top performer of the bunch is tariff plans may not be all that impactful, according to Infrastructure Capital Advisors' Jay Hatfield. The firm's CEO thinks investors may be missing the deflationary element present in the dollar's gains. His remarks come as the 'In general, investors are too optimistic about growth and too pessimistic about inflation,' Hatfield said in an interview with CNBC.'It's kind of irrational for investors to fear inflation from tariffs, but yet the dollar has already wiped out all of the potential – or most of the potential – increase in prices.''If the Trump administration raises tariffs 10%, but the dollar is appreciated 10%, that shouldn't have any significant impact,' Hatfield continue
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