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“Yesterday’s home runs don’t win today’s games.” – Babe Ruth
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Futures had reversed overnight lows and moved into positive territory earlier, but the stronger-than-expected ADP Private Payrolls report coupled with lower-than-expected jobless claims has pushed equities back in the red. Jobless claims were just released and also came in better than expected on both an initial and continuing basis, and that hasn’t helped the tone heading into the opening bell as the 10-year US Treasury yield has spiked up to 3.75%.
It was a close call but Santa did come this year as the S&P 500 posted a positive return during the seven trading day window (the last five trading days of one year and the first two of the next) when the Santa Claus Rally is said to occur. With a gain of 0.80%, though, it was a smaller-than-normal rally. As shown in the chart, that continues a trend of recent subdued returns during this period. In fact, the last time the S&P 500 rallied more than 2% during the Santa Claus Rally was back in 2013, and that ten-year drought without a 2% rally is the longest since at least 1953 when the five-day trading week on the NYSE in its current form began. Hey Santa, stop being such a cheapskate!
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