(Reuters) – U.S. stock index futures were lower on Thursday in light post-Christmas trading volumes, as investors took stock of their portfolios and hoped for a boost in the final month of the year from the so-called Santa Claus rally.

Heavyweight Nvidia fell 1.1% in premarket trading, while Google parent Alphabet lost 0.5%.

As of 5:03 a.m., the Dow E-minis were down 146 points, or 0.33%, the S&P 500 E-minis were down 26.75 points, or 0.44%, and the Nasdaq 100 E-minis were decreased by 118.75 points or 0.54%.

Markets in London and parts of Asia were closed on Thursday.

The S&P 500 and Nasdaq closed Tuesday’s shortened session with a third straight session of gains in megacap and growth stocks.

Gains in Apple, Tesla, Alphabet, Amazon, Nvidia, Microsoft and Meta Platforms accounted for more than half of the S&P 500’s total return of 28.4% this year, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.

Excluding Magnificent Seven shares, the benchmark index’s total return would have been 13.2% in 2024, Silverblatt added.

U.S. stocks have rallied this month following election-related gains in November as they struggle with the Federal Reserve’s forecast of fewer interest rate cuts in 2025.

Investors are hoping for a typical strong finish in the final days of the year – the so-called “Santa Claus rally” – a pattern attributed to low liquidity, tax loss harvesting and investing year-end bonuses.

The S&P 500 has gained an average of 1.3% over the last five trading days of December and the first two days of January since 1969, according to the Stock Trader’s Almanac. A December without a Santa Claus rally was followed by a weaker-than-average year, LPL Financial data from 1950 showed.

Labor Department data on weekly jobless claims is expected before the market opens on Thursday, although claims have entered a period of volatility that could make it difficult to get a clear view of the labor market.

Separately, major banks and business groups sued the Federal Reserve on Tuesday, claiming the U.S. central bank’s annual “stress tests” of Wall Street firms violate the law.

(Reporting by Medha Singh in Bengaluru; Editing by Anil D’Silva)