Dow futures fall more than 100 points the day after Christmas: Live updates | masr356.com

Stock futures were lower in morning trading Thursday as the market was set to give up some gains during the holiday week.

Dow Jones Industrial Average futures fell 150 points. S&P 500 futures fell 0.3%, and Nasdaq 100 futures fell 0.3%. The market was closed on Wednesday for Christmas.

The major averages could see their first down day this week after back-to-back gains. So far, the S&P 500 is up 1.8% this week, while the Dow Jones is up about 1%. A strong rally in big tech has lifted the Nasdaq 2.3% for the week so far.

Investors were enthusiastic about the so-called santa claus march, Which occurs in the last five trading days of the year and the first two days in January. Since 1950, the S&P 500 has delivered an average return of 1.3% over this period, which widely beats the market's average seven-day return of 0.3%, according to LPL Research. Thursday marks the second day of Santa's walk.

“The Santa Claus rally may be alive and well. We'll see, or it may be tough sledding,” Michael Zinn, senior portfolio manager at UBS Wealth Management, said on CNBC's “Squawk Box.” “It's a quiet time of year. Institutions aren't really trading. It's more retail driven. So what happens at the end of the year is not necessarily an indicator of how January and February will do.”

Thursday morning's initial unemployment claims data could provide an update on the health of the labor market.

Since the beginning of the month, the S&P 500 has risen 0.1%, while the tech-heavy Nasdaq has risen 4.2%, thanks to strong gains in Tesla, Apple and Alphabet stocks. However, the Dow Jones has fallen 3.6% in the meantime, and is headed for its worst month since April.