U.S. stock markets ended in negative notes on Tuesday after a choppy session to close an impressive 2024. Market participants increasingly booked profits in the last seven trading days to last year following higher valuation of equities and uncertain growth trajectory about 2025. All three major stock indexes finished in red. Wall Street remained closed on Wednesday to observe New Year’s Day.  

How Did The Benchmarks Perform?

The Dow Jones Industrial Average (DJI) fell 0.1% to close at 42,544.22. The blue-chip index recorded a eight-day losing streak. At intraday high, the index was up 206 points and at intraday low, the index was down 122.9 points. Notably, 16 components of the 30-stock index ended in positive territory while 14 in negative zone. 

The major loser of the Dow was NVIDIA Corp. NVDA. The stock price of this undisputed global leader of the generative AI-based chip manufacturer was down 2.3%. NVIDIA currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The tech-heavy Nasdaq Composite finished at 19,310.79, sliding 0.9% or 175.99 points due to weak performance by technology behemoths. The S&P 500 shed 0.4% to finish at 5,881.63. Six out of 11 broad sectors of the broad-market index ended in positive territory, while five in negative zone. 

The Consumer Discretionary Select Sector SPDR (XLY) and the Technology Select Sector SPDR (XLK) tanked 0.8% each. On the other hand, the Energy Select Sector SPDR (XLE) and the Real Estate Select Sector SPDR (XLRE) advanced 1.3% and 0.8%, respectively. 

The fear-gauge CBOE Volatility Index (VIX) was down 0.3% to 17.35. A total of 14.59 billion shares were traded on Tuesday, lower than the last 20-session average of 14.81 billion. Advancers outnumbered decliners on the NYSE by a 1.3-to-1 ratio. On Nasdaq, a 1.16-to-1 ratio favored declining issues. 

Yearly Roundup 

U.S. stock markets witnessed an impressive rally in 2024 after completing an astonishing bull run in 2023. The S&P 500 rallied 23.3% in 2024 after climbing 24.2% in 2023. Wall Street’s benchmark jumped 53% in the last two years recorded its best performance since the nearly 66% rally in 1997-98. The broad-market index posted 57 all-time highs in 2023. Meanwhile the Dow and the Nasdaq Composite rallied 12.9% and 28.6%, respectively, in 2024. 

Half-Yearly Roundup

In the second-half of 2024, the Dow the S&P 500 and the Nasdaq Composite advanced 0.9%, 7.7% and 8.9%, respectively. The generative AI-based rally of the first half, gathered more pace in the second half buoyed by the Fed’s 1% interest rate cut in the last two FOMC meetings of last year and massive re-election of Republican nominee Donald Trump as the 47th President of the United States. 

Quarterly Roundup

In fourth-quarter 2024, the S&P 500 and the Nasdaq Composite gained 2.1% and 6.2%, respectively. Both indexes recorded fifth consecutive positive quarters for the first time since 2021. The Dow was up 0.5% in the last quarter, marking its fourth positive quarterly ending in the last five quarters.

Monthly Roundup

In December, the Dow plummeted 5.3%, reflecting its worst monthly performance since September 2022. The S&P 500 tumbled 2.5%, marking its worst monthly performance since April 2024. However, the tech-laden Nasdaq Composite was up 0.5%.

Economic Data

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, reported a 3.6% annual return for October, down from a 3.9% annual gain in the previous month. The 10-City Composite saw an annual increase of 4.8% in October, down from a 5.2% annual increase in September. The 20-City Composite posted a year-over-year increase of 4.2%, declining from a 4.6% increase in September.

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