U.S. stock futures are headed for record territory in the last day of trading before Christmas. Wall Street is continuing to cheer the passage of the Republican tax plan, which only needs President Donald Trump’s signature to become law. Already, AT&T Inc. (NYSE:T) and Wells Fargo & Co (NYSE:WFC) have pledged to raise wages and pay out bonuses if the legislation is signed this year.
Meanwhile, traders will be flooded with data before leaving to spend time with their families. Economic reports today include durable goods orders, core capital orders, personal income, and consumer spending and core inflation for November, as well as November new-home sales and the December consumer sentiment reading.
Heading into the open, futures on the Dow Jones Industrial Average are down 0.01%, S&P 500 futures have added 0.02% and Nasdaq-100 futures have lost 0.02%.
Options volume was below average on Thursday, as many traders appear to have already left for home. Overall, about 15.6 million calls and 11.7 million puts changed hands on the session. The CBOE single-session equity put/call volume ratio heald at 0.56 and the 10-day moving average ticked lower to 0.56, yet another 52-week low.
Drilling down on Thursday’s options activity, Time Warner Inc (NYSE:TWX) attracted several large call blocks yesterday, with one spread betting heavily on a successful buyout from AT&T. Meanwhile, options traders are signaling that Wells Fargo may be an underdog banking stock following the passage of the Republican tax plan, and Vale S.A. (ADR) (NYSE:VALE) trades ex-dividend today.