Stock futures were flat Tuesday on Christmas Eve after all three major averages kicked off the holiday-shortened trading week in the green.

Futures linked to the S&P 500 and the Dow Jones Industrial Average futures remained around the flatline. Nasdaq 100 futures added 0.04%.

American Airlines shares fell as much as 3% in light premarket trading after the Federal Aviation Administration said the carrier grounded all flights in the U.S. due to a technical issue on one of the busiest travel days of the year. The stock pared losses after the carrier lifted the ground stop.

Trading is expected to be thin this week. On Tuesday, the New York Stock Exchange closes early at 1 p.m. ET for Christmas Eve, while the bond market closes at 2 p.m. The market is also closed on Wednesday for Christmas Day.

The stock market began the holiday-shortened week on a positive note, aided by tech names and semiconductor stocks. The S&P 500 rose 0.7% and the Nasdaq Composite closed Monday about 1% higher. The 30-stock Dow also finished up nearly 0.2%.

Frost ahead for the Santa Claus rally?

With few trading days in store, some investors are hoping for a Santa Claus rally to conclude what has already been a strong year for the market. And that’s not completely out of the ordinary. According to the Stock Trader’s Almanac, the S&P 500 has gained 1.3% on average between the last five trading days of the year and the first two in January, dating back to 1969.

But Jay Hatfield of Infrastructure Capital Advisors is calling for a bit of a stall in the market over the coming days. He is sticking with his year-end 2024 S&P 500 target of 6,000, which implies only a 0.4% increase for the broad market index from Monday’s close.

“We might get a Santa Claus rally, but those aren’t that powerful [of] rallies,” the firm’s CEO told CNBC. “We’re neutral on the market.”