US pre-open: Stocks set to bounce

(Sharecast News) - Stocks look poised to recoup the previous day's losses during the final session of 2024. And while the end of year stumble might have disappointed a handful of investors, the S&P 500 was on track for a full-year gain of 24%, whilst the advance over the preceding two years had been the biggest since 1997-98, in the years ahead of the dotcom bubble, according to Dow Jones Data Group.

"Here we are, the last day and the last trading day of the year. It's now been about two years that ChatGPT was launched and it's been two years that the AI buzz pushed some US Big Tech companies to [...] the sky, really," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

"Nvidia, which has become the icon of the AI rally, gained almost 1000% since then, the Magnificent 7 nearly 100% since last November [...]."

Against that backdrop, as of 1354 BST the Dow Jones mini contract was adding 118 points to 43,045.0, alongside a 20.50 point rise for the S&P 500 mini to 5,979.25, whilst the contract on the Nasdaq-100 was up by 77.25 points at 21,493.50.

On the economic calendar for Tuesday were house price data covering the month of October out of the FHFA and S&P Case-Shiller.

The New York Stock Exchange would only remain open for a shortened trading session.