Stock Market Live Update: S&P 500, Nasdaq Futures Decline as 2024 Ends with Rising Yields and Tech Losses

U.S. natural gas futures for February delivery skyrocketed on Monday, jumping as much as 20% amid increased demand driven by forecasts of colder-than-expected January temperatures. Bloomberg reports this as the largest single-day move since the contract's debut in 2012.

The surge extended to equities, with the Energy sector standing out as the only S&P 500 segment in positive territory. The sector posted a modest 0.15% gain, bolstered by rising fuel demand expectations.

Despite a weak performance on Monday, 2024 was a remarkable year for Wall Street, with the S&P 500 achieving 57 record highs, placing it among the top five years for the most all-time highs in the index’s history.

Now two years into a bull market, analysts attribute the rally to robust corporate earnings and the extraordinary performance of the "Magnificent Seven" tech giants. Companies like Nvidia, Tesla, Alphabet, Amazon, Apple, Microsoft, and Meta played a crucial role in driving momentum, solidifying their impact on this year’s market achievements.

NYSE and Nasdaq Suspend Trading for National Day of Mourning.

In a tribute to former President Jimmy Carter, the New York Stock Exchange and Nasdaq will halt trading on Thursday, Jan. 9, to observe a National Day of Mourning.

Carter, the 39th president of the United States, passed away on Sunday at his home in Plains, Georgia, at the age of 100, as confirmed by the Carter Center. This market closure continues the tradition of honoring late presidents with a day of reflection and respect.

Contract activity for existing homes continued to rise in November, marking four straight months of growth as buyers adapted to higher mortgage rates and took advantage of improved inventory levels.

The Pending Home Sales Index, which tracks agreements for home purchases, increased by 2.2% from October, reaching a score of 79. This is the highest reading since February 2023, according to data from the National Association of Realtors (NAR). For comparison, a score of 100 reflects activity levels from the year 2001.

Compared to November 2023, pending sales have grown by 6.9%. Lawrence Yun, chief economist at NAR, noted that buyers appear to have adjusted their outlook on mortgage rates and are responding to the availability of more housing options.

The stock market opened sharply lower on Monday, with all 11 sectors of the S&P 500 showing losses. The Information Technology sector, a major contributor to this year’s market rally, fell 1.8%, marking the steepest decline among the sectors.

The "Magnificent Seven" tech giants — Apple, Alphabet, Microsoft, Amazon, Meta, Tesla, and Nvidia — all dropped by over 1% at the start of the trading session, contributing significantly to the broader market's early losses.

Futures suggest a lower open for stocks on Wednesday, as the S&P 500 continues to struggle during a period typically known for strong market gains. This stretch, known as the "Santa Claus rally," spans the seven trading days starting on December 24 and has historically seen the S&P 500 rise by an average of 1.3%, well above the typical 0.3% for a seven-day period.

When the S&P 500 posts a positive return during this time, it usually signals a strong start to the year, with an average annual gain of 10.4%. On the other hand, a negative return during the rally often leads to a weak January and a lower annual return of around 5%.

Currently, the S&P 500 is down by less than 0.1% during this year's Santa Claus rally, which ends on January 3. Despite these early struggles, the S&P 500 is still on track to finish the year up more than 20%, following a similar trend to last year when the rally also failed to materialize.