Stock Market Live Update: S&P 500, Nasdaq Futures Decline as 2024 Ends with Rising Yields and Tech Losses
U.S. stock futures slip as the final trading week of 2024 begins, with tech stocks under pressure and rising Treasury yields impacting market sentiment. Despite a disappointing "Santa Claus" rally, major indices remain on track for strong yearly gains.
U.S. stock futures showed signs of weakness on Monday, signaling a rocky start to the final week of 2024. Futures for the S&P 500, Nasdaq, and Dow Jones all edged lower, as the 10-year Treasury yield reached a seven-month peak, sitting just under 4.6%.
The previous week ended on a sour note, with tech giants like Tesla and Nvidia experiencing significant losses. As a result, the Nasdaq Composite dropped by 1.5%, and the S&P 500 declined by more than 1%. This dip comes despite the usual optimism surrounding the "Santa Claus" rally, a traditionally strong stretch for stocks between Christmas and the New Year. Historically, the S&P 500 has gained 1.3% during this period, but so far in 2024, it has seen a modest decline of less than 0.1%.
Also Read: Nvidia, Palantir, and Applovin Lead AI Stocks with Record Growth in 2024
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While the short-term outlook appears subdued, investors remain optimistic about the broader picture. The S&P 500 has climbed by over 25% this year, while the Nasdaq has surged more than 30%. The Dow, though showing more modest growth, has still increased by 14%.
In a somber update, former President Jimmy Carter passed away on Sunday at the age of 100 at his home in Plains, Georgia. Despite this news, U.S. markets are set to open as scheduled at 9:30 a.m. ET, with market participants looking ahead to the final two trading days of 2024.
Key Moments
- S&P 500, Nasdaq, and Dow futures dip as 2024 ends.
- 10-year Treasury yield hits 4.6%, impacting markets.
- Tesla and Nvidia lead recent stock declines.
- S&P 500 and Nasdaq show strong annual gains.
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30 Dec 2024 08:24 AM
Boeing Stock Drops Following Fatal 737-800 Crash in South KoreaShares Fall Over 3% After Jeju Air Aircraft Crash Claims Lives.
Boeing (BA) saw its stock fall by more than 3% in pre-market trading on Monday, following a tragic crash involving one of its 737-800 planes in South Korea.
The Jeju Air Co. flight crashed early Sunday morning at Muan International Airport, leaving only two survivors out of the 181 passengers and crew members on board. Investigators are focusing on possible causes, including a bird strike and a potential failure of the plane's landing gear.
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30 Dec 2024 08:49 AM
Today's Market Highlights: Key Economic Data and No Major Earnings Reports
Economic Releases:
- MNI Chicago PMI for December
- Pending Home Sales for November
- Dallas Fed Manufacturing Activity for December
Earnings:
- No significant earnings reports are scheduled for today.
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30 Dec 2024 08:50 AM
S&P 500 Struggles as "Santa Claus" Rally Falters
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.
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30 Dec 2024 09:58 AM
Markets Open in the Red as Tech Stocks Lead Declines
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.
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30 Dec 2024 10:10 AM
Housing Market Gains Momentum for Fourth Consecutive Month
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.
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30 Dec 2024 11:03 AM
Stock Markets to Close on Jan. 9 in Tribute to Former President Jimmy Carter
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.
