Stock Futures Fall in Penultimate Session of 2024 - Understanding Weighted Average: A Key Concept in Financial Analysis

Futures on the Dow and Nasdaq-100 are down triple digits Monday morning

Stock futures are pointed lower for the second to last trading day of 2024, with all three major benchmarks looking to close the year just out of reach of record highs. Futures tied to the Dow Jones Industrial Average (DJIA) and Nasdaq-100 Index (NDX) are down over 400 and 300 points, respectively, while S&P 500 Index (SPX) futures also sit well below fair market value.

Treasury yields and small caps are also retreating. The 10-year note has already shed more than 4 basis points Monday morning, while the Russell 2000 (RUT) is on track for its worst month since September 2022.

Continue reading for more on today’s market, including:

Low-volume Christmas week ended up with a whimper.
3 quantum computing stocks with short squeeze potential.
Plus, Boeing under scrutiny again; defense sector buzz; and Buffett’s latest investment.

OV Futures Dec 30

5 Things You Need to Know Today

The Cboe Options Exchange (CBOE) saw more than 2.2 million call contracts and 1.5 put contracts exchanged on Friday. The single-session equity put/call ratio surged to 0.67 and the 21-day moving average remained at 0.61.
Shares of Boeing Co (NYSE:BA) are 3.4% lower in pre-market trading, after South Korean officials ordered inspections of all B737-800 aircraft in the wake of the country’s deadliest air accident. The Jeju Air crash occurred over the weekend and killed 179 of 181 people on board. Year to date, BA is down 30.7%.

V2X Inc (NYSE:VVX) revealed a $170 million contract with the Drug Enforcement Agency (DEA), which will allow the defense company to continue providing support to the DEA’s fleet of aircraft. In response, The defense stock is 8.6% higher before the bell, looking to extend its slim 1.2% year-to-date lead.

VeriSign, Inc (NASDAQ:VRSN) stock is 2.5% higher in electronic trading, after Warren Buffett’s Berkshire Hathaway (BRK) disclosed its purchase of more than 140,000 shares of the registry service company. VRSN is battling its year-to-date breakeven level.

Light week of economic data ahead as New Year’s Day approaches.

Asian Bourses Shocked by Korean Tragedy

Asian markets finished mostly lower, as the region grappled with news of South Korea’s deadliest airline crash, and a handful of economic updates. South Korea’s Kospi fell 0.2%, after industrial output data contracted 0.7% in November, larger than anticipated. Japan’s Nikkei shed 1%, as factory data moved at a slower-than-expected pace, while au Jibun Bank Japan Manufacturing Purchasing Managers’ Index (PMI) posted its softest contraction in months. Hong Kong’s Hang Seng shed 0.2%. China’s Shanghai Composite was the only winner, adding 0.2%, as PMI data looms tomorrow.

Stocks in Europe are faring no better, with the healthcare and tech sectors dragging markets. At last check, France’s CAC 40, London’s FTSE 100, and Germany’s DAX are all off by 0.4%.