With the upcoming holiday week, economic news and trading activity are expected to be light. The positive momentum from expanding GDP, cooler-than-expected PCE inflation data, and strong consumer sentiment from the latter half of last week could set the stage for a potential Santa Claus rally. However, the Fed’s cautious tone last Wednesday about fewer rate cuts in 2025 may temper investor enthusiasm.
Monday
Tuesday
Early close 1PM (Eastern)
Wednesday
Markets closed
Thursday
Initial jobless claims
Friday
Tracking This Week
GameStop (NYSE:GME) held steady last week, trading in line with the broader market midweek before staging a solid recovery on Friday. Shareholders appear to be patiently awaiting a major catalyst, and if one emerges during this low-volume holiday week, it could spark the rapid run-up many are betting on.
Meta Platforms Inc. (NASDAQ:META) saw interesting price action on Friday. While it initially traded in line with the broader market through Wednesday, Thursday, and early Friday, the stock experienced a sharp sell-off in the second half of the day. This occurred despite no significant news directly impacting the company. The $580 support level attracted considerable buying interest, suggesting the potential for a near-term bounce and a period of consolidation around this key support level.
Microsoft (NASDAQ:MSFT) saw unusual intraday action, dipping early, climbing to $440, and then retreating back near its opening price by the close on Friday. The lack of news makes this seem more like rebalancing and tax loss related suggesting a quick retest of all time highs could still be possible before year end.
NVIDIA (NASDAQ:NVDA) has faced some pressure recently but demonstrated resilience and strength last week, reclaiming its weekly highs despite broader market volatility. This momentum could persist through the end of the year as investors rebalance portfolios and reposition into proven winners ahead of 2025.
