U.S. stock futures dipped Wednesday morning, taking a modest breather after Tuesday's rally that pushed the S&P 500 to yet another closing record. It's Christmas Eve, so markets are operating on holiday hours—equity markets will close at 1:00 p.m. ET and bond markets at 2:00 p.m. ET, with everything shut down completely on Thursday for Christmas Day.

Tuesday's session brought some impressive economic news. The Gross Domestic Product expanded at a 4.3% annualized pace in the third quarter, blowing past estimates that clustered around 3.3% and marking the fastest growth rate in two years. That's the kind of number that typically makes investors feel good about where things are headed, and the S&P 500 responded by notching another record close.

On the bond front, the 10-year Treasury bond yielded 4.16%, while the two-year bond sat at 3.53%. According to the CME Group's FedWatch tool, markets are pricing in an 86.7% likelihood that the Federal Reserve will keep interest rates unchanged at its next meeting. In other words, nobody's expecting any surprises from the Fed anytime soon.

Here's how futures were looking in early trading:

The SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust ETF (QQQ), which track the S&P 500 and Nasdaq 100 indices respectively, were both lower in premarket trading on Wednesday. The SPY was down 0.042% at $687.67, while the QQQ declined 0.0024% to $621.96, according to market data.

Stocks Making Moves

UiPath

UiPath Inc. (PATH) shares jumped 7.14% after the company announced it will be joining the S&P MidCap 400 index. That's typically good news for any stock, as index inclusion often brings a wave of buying from funds that track the index.

PATH maintains a stronger price trend over the short, medium, and long terms, though it carries a poor value ranking. The automation software company has been on investors' radar as artificial intelligence continues to reshape the enterprise software landscape.

Citius Pharmaceuticals

Citius Pharmaceuticals Inc. (CTXR) shares climbed 8.65% after reporting better-than-expected earnings for the fourth quarter. The company posted a quarterly loss of 11 cents per share, compared to market estimates calling for a loss of 43 cents per share. Beating expectations by that margin tends to get rewarded, even when the company is still posting losses.

The stock maintains a weaker price trend over the short, medium, and long terms, suggesting investors should pay attention to whether this earnings beat marks a turning point for the company.

Ramaco Resources

Ramaco Resources Inc. (METC) gained 8.05% after announcing a $100 million stock repurchase plan. Buyback announcements are often viewed favorably by investors, as they signal management's confidence in the company's value and can help support the stock price.

METC maintains a stronger price trend over the long term but shows weaker trends in the short and medium terms, creating an interesting mixed picture for investors trying to gauge the stock's direction.

AST SpaceMobile

AST SpaceMobile Inc. (ASTS) shares were 2.89% higher after the company successfully launched its BlueBird 6 satellites. The space-based cellular broadband company continues making progress on its ambitious plan to provide mobile connectivity directly from satellites.

ASTS maintains a stronger price trend over the short, medium, and long terms, reflecting investor enthusiasm for the company's space-based telecommunications technology.

Multi Ways Holdings

Multi Ways Holdings Ltd. (MWG) surged 62.86% after the Singapore-based company reported net revenue of $26.44 million for the six months ended June 30, up 87.65% from $14.09 million in the same period last year. That's substantial revenue growth, and the market clearly liked what it saw.

The stock maintains a stronger price trend over the short term but shows weak trends in the medium and long term, suggesting this pop might need to be sustained by continued strong performance to stick.

What Happened Tuesday

Communication services, information technology, and energy stocks recorded the biggest gains on Tuesday, while consumer staples and health care bucked the trend to close lower. Here's how the major indices finished:

The Santa Claus Rally Debate

Chief Market Strategist Ryan Detrick is urging investors to remain optimistic, even as historical data warns that a failed "Santa Claus Rally" can signal trouble ahead. Detrick emphasizes market resilience despite recent volatility.

The "Santa Claus Rally"—defined as the final five trading days of the year and the first two of the next—serves as a key indicator for Wall Street. It's one of those quirky seasonal patterns that traders pay attention to, and the data suggests there might be something to it.

Detrick notes that negative returns during this specific window often foreshadow a difficult first quarter. He points to the previous year as a cautionary tale, where a -0.5% holiday dip preceded a 4.6% decline in the first quarter.

"It is when Santa doesn't show up that we should be worried," Detrick admitted regarding the historical trend. However, he dismisses recent fears, noting that the index erased a 2.6% deficit in just three trading days. His advice remains firmly bullish: "Don't stop believing in Santa will always be my take."

In other words, even if the pattern has some historical validity, Detrick thinks the market's recent strength suggests this year might be different.

Economic Calendar Watch

Here's what investors will be keeping an eye on Wednesday:

• The initial jobless claims for the week ending December 20 will be released by 8:30 a.m. ET.
• No data is scheduled to be released on Thursday and Friday, giving everyone a chance to actually enjoy the holiday.

Commodities, Crypto, And Global Markets

Crude oil futures were trading higher in the early New York session by 0.15% to hover around $58.47 per barrel. Not much movement there, as traders settle in for the holiday period.

Gold Spot US Dollar rose 0.25% to hover around $4,496.12 per ounce. Its last record high stood at $4,525.96 per ounce, so gold is hanging out near recent highs. The U.S. Dollar Index spot was 0.12% lower at the 97.8220 level.

Meanwhile, Bitcoin (BTC) was trading 0.87% lower at $86,757.78 per coin, giving back some of its recent gains.

Asian markets closed mixed on Wednesday, as China's CSI 300 and Hong Kong's Hang Seng indices rose. Australia's ASX 200, India's Nifty 50, South Korea's Kospi, and Japan's Nikkei 225 indices also posted gains. European markets were mostly higher in early trading, suggesting a reasonably upbeat global mood heading into the holiday.