Tech Stocks Help Drive Christmas Eve Rally | Global News Avenue

Major U.S. stock indexes gave investors a dose of holiday cheer, pushing higher amid a shortened trading session ahead of Christmas Eve.

The S&P 500 rose 1.1% on Tuesday, while strength in technology stocks helped the Nasdaq rise 1.4%. The Dow rose 0.9% as financial markets prepared for the Christmas holiday on Wednesday.

Tesla (Tesla) shares rose 7.4%, leading the S&P 500 and leading Upbeat trading session for the Big 7 Technology stocks. Barclays analysts noted that while they expect the electric car maker to record fourth-quarter deliveries, the impact on the stock is likely to be minimal. The investment bank believes Tesla’s near-term momentum depends on its long-term opportunities in autonomous driving and artificial intelligence, rather than short-term indicators.

Ultramicrocomputer (SMCI) shares rose 6%, partially recovering from a series of losses that kicked the stock off the Nasdaq 100 last week. Earlier this month, the server and data storage provider received an extension from the Nasdaq exchange, delaying the filing of its delayed annual report until February.

Broadcom stock continues to rise in December (AVGO), an increase of 3.2%. The chipmaker’s Christmas gains extend the previous session’s gains after UBS analysts analyze Raises AI revenue forecasts Broadcom also raised its target price on the stock.

Starbucks(gender) shares rose 2.8%. Union-backed baristas have been taking part Strike coffee chain Expected to return to work tomorrow. A Starbucks executive said Monday that about 97% to 99% of stores will remain open, adding that the strike is not expected to have a significant impact on operations nationwide.

The weakest Christmas Eve performer in the S&P 500 was Walgreens Boots Alliance (world boxing association), down 1.2%. The stock rose in early December amid reports that the pharmacy operator was in trouble talk about selling yourself The valuation of private equity firm Sycamore Partners has been trending downward since then, and will still be down nearly 65% ​​by 2024.

Shares of industrial chemicals supplier Celanese (CE) also fell 1.2%. Royal Bank of Canada recently slashed its price target on Celanese stock, citing the pressure high energy costs are putting on the company’s margins.