Reflecting light volume on the final day of the year, stocks have shown a lack of direction over the course of morning trading on Friday. The major averages have spent the morning bouncing back and forth across the unchanged line.
Currently, the major averages are little changed, showing modest off less than a tenth of a percent. While the Dow is down 13.65 points at 36,384.43, the Nasdaq is up 7.03 points at 15,748.60 and the S&P 500 is up 1.28 points at 4,780.01.
The choppy trading on Wall Street comes as some traders look to get a head start on New Year’s Eve festivities.
With many overseas markets closed on the day, traders are also sticking to the sidelines amid a lack of major U.S. economic data.
Despite the lackluster performance by the markets, the major averages are poised to post strong gains for the year.
Going into today’s trading, the S&P 500 was up 27.2 percent for the year, while the Nasdaq and the Dow were up by 22.1 percent and 18.9 percent, respectively.
Reflecting the lackluster performance by the broader markets, most of the major sectors are showing only modest moves on the day.
Among individual stocks, shares of Lexicon Pharmaceuticals (LXRX) are seeing significant strength after the drug maker submitted a new drug application to the FDA seeking approval for its heart drug sotagliflozin for adults with type 2 diabetes.
Drug giant Pfizer (PFE) has also moved higher after British regulators approved the use of its Covid-19 antiviral pill Paxlovid for people over 18 with mild to moderate illness.
Meanwhile, shares of Xilinx (XLNX) have moved to the downside after Advanced Micro Devices (AMD) said it now expects to complete its takeover of the chipmaker in the first quarter of 2022 compared to a previous year-end target.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Friday, with several major markets closed for New Year’s Eve. China’s Shanghai Composite Index climbed by 0.6 percent, while Australia’s S&P/ASX 200 Index slid by 0.9 percent.
Meanwhile, the major European markets moved to the downside on the day. While the German markets were closed for New Year’s Eve, the U.K.’s FTSE 100 Index and the French CAC 40 Index both fell by 0.3 percent.
In the bond market, treasuries have shown a lack of direction over the course of the morning. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by less than a basis point at 1.512 percent.
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