The Nuveen Core Equity Alpha Fund (JCE) is experiencing upward momentum as investors anticipate a potential Santa Claus rally, a phenomenon where stocks typically rise during the last five trading days of the year and the first two of the new year. This optimism is fueled by the recent performance of the tech sector, which has been a significant driver of market gains. On December 23, 2024, the S&P 500 rose by 0.3%, supported by strong performances from tech giants like Tesla, Meta, and Nvidia, each climbing at least 2%. The Nasdaq Composite also saw a 0.6% increase, highlighting the tech sector's resilience amid broader market fluctuations.
Despite a challenging week for the S&P 500, which saw a decline following the Federal Reserve's announcement of fewer interest rate cuts in 2025, the market has shown signs of recovery. The S&P 500 managed to regain some ground, buoyed by a cooler-than-expected inflation reading. Additionally, the signing of a funding bill by President Joe Biden, which averts a government shutdown, has provided further reassurance to investors. This backdrop of positive sentiment and the potential for a year-end rally is contributing to the positive movement in the JCE ETF.
The JCE ETF is currently priced at $15.54, reflecting a 0.32% increase from its previous close.