US equity futures saw a modest increase as markets prepared for the final trading day of 2024. Traders were hesitant to make significant moves, likely holding off until the New Year. The Dow Jones Industrial Average futures rose by 0.2%, while S&P 500 and Nasdaq futures both gained 0.3%. In anticipation of the New Year holiday, US markets will remain closed on Wednesday. In the oil market, prices remained relatively stable.
The front-month global benchmark, North Sea Brent crude, saw a slight dip of 0.03%, settling at $73.97 per barrel. Similarly, US West Texas Intermediate crude remained constant around $71 per barrel. The upcoming release of the Case-Shiller Home Price Index, scheduled for 9 am ET, stands as a significant event for real estate investors and analysts alike. Globally, market performances varied.
Hong Kong's Hang Seng index concluded the day with a 0.1% increase, whereas China's Shanghai Composite recorded a decline of 1.6%. In contrast, the UK's FTSE 100 saw a 0.6% rise amidst a holiday-shortened trading session, while Japanese and German markets remained closed for the holiday. In notable corporate movements, shares of Verastem ($VSTM) surged by an impressive 29% in pre-bell trading.
This rise is attributed to the recent announcement from the company regarding the acceptance of their new drug application by the US Food and Drug Administration, which is intended for an ovarian cancer drug combination. Conversely, Affinity Bancshares ($AFBI) experienced a significant drop of 20% as it announced the termination of its planned merger with Atlanta Postal Credit Union.
These movements highlight the volatility and potential opportunities present in the market as 2024 draws to a close. With several key indicators on the horizon, including the Case-Shiller index, traders are closely monitoring the situation as the New Year approaches..