Investors hoping for better returns in 2025 have an opportunity to make last-minute changes to their portfolios before the clock strikes midnight on New Year’s Eve. However, those looking to ring in New Year’s Day by making a fresh stock purchase might want to think twice.

Every year, investors look forward to the “Santa Claus rally,” a period that encompasses the final five trading days of December and the first two trading days of the new year. Since 1950, the S&P 500 has gained, on average, 1.3% during this stretch, while finishing higher nearly 80% of the time, according to Dow Jones Market Data.

The S&P 500 may be heading for its first gain since Christmas on Friday. The main gauge of Wall Street’s health rose 0.6% in early trading and was on track to break a five-day losing streak, its longest since April.