S&P Futures hovered around the neutral mark on Tuesday following a robust commencement to a truncated trading week. Futures associated with the Dow Jones Industrial Average declined by 8 points. S&P 500 futures exhibited minimal variation, mirroring the stability observed in Nasdaq 100 futures.

The S&P 500 is experiencing its third consecutive winning session, propelled by a 1.5% increase in the shares of chipmaking leader Nvidia, along with gains in Micron and Oracle. In the session, gains were observed in ten out of eleven sectors. Materials and financials emerged as the leading sectors, with Newmont and Freeport-McMoRan experiencing a 3% increase as gold and silver futures reached record highs.

The 30-stock Dow increased approximately 228 points, representing a rise of 0.5%, while the tech-centric Nasdaq Composite also saw an uptick of 0.5%. “This market remains relatively robust. Valuations remain insufficient at this level. “We don’t see the frothiness that we saw back then, and the commercial aspect is so much better now than it was in the late ’90s,” Chris Harvey stated, drawing a comparison between the current enthusiasm surrounding AI stocks and the exuberance of the dot-com bubble.

Harvey observed that, in contrast to the internet investment frenzy of the late 1990s, financials have propelled the market upward in recent weeks as investors have shifted their focus toward cyclical sectors. JPMorgan Chase shares have demonstrated superior performance compared to a significant number of technology stocks over the past three and five years, as noted by Harvey. The New York Stock Exchange is set to close early on Wednesday at 1 p.m. in observance of Christmas Eve and will remain closed on Thursday for Christmas Day.