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Stocks rallied on the final day of the Santa Claus rally, with the Dow up 340 points and all major indexes closing in the green, despite the S&P 500 ending the period down 0.5%. Rivian Automotive surged 24.4% after exceeding EV delivery forecasts, while Tesla faced a decline in sales. Analysts remain divided on Rivian's stock, with some optimistic about its production numbers, while others express concerns over cash burn and margins.
US stocks rose on Monday, driven by a rally in chipmakers, with Nvidia up 3%, Broadcom gaining 5%, and Advanced Micro Devices increasing by 4%. Investors are anticipating a potential Santa Claus rally, which historically indicates positive market trends for the following year. The NYSE will have a short trading day on Tuesday, closing at 1 p.m. ET for the Christmas holiday.
Stocks opened higher but closed mixed as rising Treasury yields dampened early enthusiasm. The Dow fell 0.2% for its seventh consecutive loss, while the Nasdaq gained 0.1%, buoyed by Broadcom's 24.4% surge after strong earnings and a dividend hike. RH and Costco also reported solid earnings, with RH stock up 17% and Costco rising 0.1%.
Louis Navellier
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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