Stock futures were flat in overnight trading Sunday evening ahead of the last few trading sessions of 2024. Futures tied to the Dow Jones Industrial Average were flat, while S&P 500 futures edged up 0.04%. Nasdaq-100 futures rose 0.1%. > Philadelphia news 24/7: Watch NBC10 free wherever you are The major averages are heading into the yearend shy of record levels, with the S&P 500 and Dow up more than 25% and 14%, respectively, and on track for the best year since 2021. The Nasdaq has gained more than 31%. The benchmarks are also headed for a winning fourth quarter, with the Nasdaq on pace for its longest quarterly winning streaking since the second quarter of 2021. Despite a losing session for all the major averages on Friday, investors are hoping that stocks will continue to rise into the year-end and the new year, and trigger what's known as a Santa Claus Rally. The phenomenon refers to the market rising into the final five trading days of a calendar year and the first two in January. The S&P 500 has returned 1.3% on average during this period since 1950, according to LPL Financial. This week ushers in a light period for economic data, with the market closed Wednesday in observance of New Years Day. Chicago PMI and pending homes sales data are due out Monday. Stock futures open little changed Stock futures opened little changed as Wall Street kicked off the final trading week of the year. Futures tied to the Dow Jones Industrial Average were flat, while S&P 500 futures edged up 0.04%. Nasdaq-100 futures rose 0.1%. — Samantha Subin
LAS VEGAS — With a restructuring at Andretti Global that pushed Michael Andretti into a smaller role, the chances of his organization landing a Formula 1 team have substantially increased. So much so that F1 and Formula One Management could have a decision to grant the General Motors-backed entry a spot as the 11th team on the grid in the coming weeks. Dan Towriss, now the majority owner of the Andretti organization, was at the Las Vegas Grand Prix on Thursday scoping his chances of entering the top motorsports series in the world. So was the FBI, allegedly, as part of a Department of Justice investigation into why F1 denied the Andretti organization expansion into the series. F1 currently has 10 teams that field 20 cars and only one — the organization owned by California businessman Gene Haas — is an American team. Las Vegas marks the third race this season in the United States, more than any other country, as F1 has exploded in American popularity over the last five years. People are also reading... Even so, Andretti could not get approval from F1 to enter the series. But, the situation changed in September when Andretti scaled back his role with his namesake organization. Now with Towriss in charge, talks have amplified, even though it is not clear what the name of an Andretti-less F1 team would even be. Cadillac would do the engines — but says it won't be ready until 2028 — which means a 2026 Towriss-led F1 team would be GM branded but with a partner engine supplier. Most of the existing teams have been largely opposed to an 11th team entering F1, citing a dilution in prize money and the massive expenses they've already committed to the series. But, Andretti among others believed the teams' position was personal in that they simply didn't like Andretti, who ran 13 races in the 1993 season. His father, Mario, is the 1978 F1 world champion. The Andretti application had already been approved by the FIA, which is F1's ruling body, but later denied by F1 itself. F1 promised to revisit the issue once General Motors had an engine ready to compete. The existing 10 F1 teams have no actual vote or say in if the grid is expanded, which Mercedes boss Toto Wolff reiterated Thursday when The Associated Press asked why the sudden chance of acceptance in a potential 11th team. "We have an obligation, a statutory obligation as directors, to present the standpoint that is the best for our company and for our employees, and we've done that," Wolff said. "I think if a team can add to the championship, particularly if GM decides to come in as a team owner, that is a different story. "And as long as it is creative, that means we're growing the popularity of the sport, we're growing the revenue of the sport, then no team will be ever against it. So I'm putting my hope in there." Wolff has been eager to hear from Towriss directly on what the plans for the organization are now that Andretti has a smaller role. "No one from Andretti or Andretti Global or whatever the name will be has ever spoken to me a single sentence in presentation of what the creative part is," he said. "But they don't need to because the teams don't decide. It is the commercial rights holder, with the FIA, we have no say. If I want to be invited to a party and go to the party, I'm sitting down at the table and telling who I am and why I'm really good fun and sitting here and everybody will enjoy my presence. "That hasn't happened, but you know, that's now my personal point of view, not a professional, because there's nothing we can do, nothing we can say," Wolff continued. "And I don't know the people. I've obviously spoken to Mario. I didn't speak to his son. I didn't speak to any other people that are behind that. I don't know who they are. So I know GM, GM is great." Fred Vasseur, team principal at Ferrari, said he's not opposed to another team if it adds value to F1. "The discussion is between FIA, the team, and FOM. It's not our choice," he said. "For sure, as Toto said, that if it's good for the sport, good for the show, good for the business, and adds value on the sporting side, that we are all OK." Be the first to know