U.S. equity futures moved lower in early Thursday trading, while Treasury bond yields remained elevated in the wake of the Federal Reserve's cautious rate stance, as investors hit pause on the early Santa Claus rally.

The so-called Santa Claus rally could get off to a late start this year. But better late than never. A team of strategists at Ned Davis Research pointed out that stocks have struggled ahead of the start of the “Santa Claus rally” period, which begins on Tuesday.

Yes. The New York Stock Exchange and Nasdaq will both operate on half-day schedules, closing at 1 p.m., while bond markets will shut down at 2 p.m., and major U.S. financial markets will stay closed until Thursday’s normal trading session.

Some of the biggest winners were mega-cap tech stocks, with Tesla up by 6% while Broadcom, Netflix, and Amazon each gained about 2%.

Since the start of 2024, the S&P 500 has never once closed below its 200-day moving average, according to Bespoke Investment Group. Barring a sharp selloff between now and the end of the year, this would be only the 12th time since 1952 that this has happened.

US stocks looked set for a mostly muted open to a final, shortened trading session before the Christmas holiday,

"Stocks tend to do well in the absence of news and this is why strength around holidays tends to occur," Ryan Detrick said.

Learn all about the Santa Claus Rally, a seasonal stock market trend with historical significance. Discover why it happens and some tips.

The Dow Jones rose on the stock market today. Magnificent Seven names Amazon and Nvidia were strong. American Airlines stock skidded.

Wall Street is eager for a so-called Santa Claus rally to propel the S&P 500—up about 25% this year through Monday's close—to new highs. According to Wall Street lore, the stock market consistently rises during the final five trading days of the year and the first two sessions of the next. This year, that stretch starts today.