Good morning and Merry Christmas Eve! It’s a half day of trading today before tomorrow’s holiday, and according to NORAD’s Santa Tracker, the Big Guy in Red is cruising over West Papua right now, having delivered over 1 billion presents. US equities were mixed yesterday as markets digested a better-than-expected Q3 GDP print. The S&P gained 0.5% and reached a record closing high while ending near its best levels. S&P futures are around unchanged but have moved to their highs so far today in an unsurprisingly quiet pre-market session.

The US Dollar Index is around unchanged after taking some hits the first two days of the week. Treasury yields are slightly lower. Crude is unchanged and testing its 50d ma after some recent strength as traders contemplate the latest news around Ukraine peace talks. Last night’s API data showed an inventory build. US nat gas is lower. Metals are mostly higher though palladium is lower. Gold has reached $4500. Ag is mostly higher and crypto is lower with Bitcoin down modestly.

Merry Christmas everyone!