SPX: S&P 500 Futures Float Under Record. Can the Index Bubble Up to Fresh All-Time Top?

The final trading week of 2023 is about to unfurl, and markets are stirred up and on the cusp of making history.

• Futures contracts tied to the S&P 500 (SPX) were moving sideways early on Tuesday as investors were getting ready to flock back after the long-weekend Christmas break. It’s the final week of trading for this year and, by the looks of it, optimism has once again prevailed despite grim projections earlier this year.
• The S&P 500 is riding the bullish momentum to its longest weekly winning streak since 2017. The broad-based stock average closed out its eighth positive week in a row, underpinned by the uplifting message that the Federal Reserve is looking to cut rates three times next year.
• What’s more, the Wall Street favorite is a mere 42 points shy of its record high set on January 3, 2022. On the year, the S&P 500 has gained just over 24% in the leadup to today’s session. In market cap terms, that percentage is equal to roughly $8 trillion added to the index at a valuation of around $40 trillion.