Stock market today: S&P 500, Nasdaq, Dow slide as strong year nears its close
Published On Dec 30, 2024, 4:01 PM
U.S. stock markets are experiencing a downturn as major indexes, including the S&P 500 and Nasdaq Composite, fell more than 1%. This decline comes at a time when a traditionally strong market period, known as the "Santa Claus rally," has not materialized. Despite this, market strategists maintain positive views, citing strong fundamentals supporting the ongoing market rally in 2024. Notable developments include a significant upward movement in shares of Fannie Mae and Freddie Mac following comments from investor Bill Ackman about potential changes in their status, and Nvidia shares rising after a report on ByteDance's planned large-scale investment in AI chips.
Stock Forecasts
NVDA
Positive
The overall bearish trend in the major indexes combined with the failure of the expected Santa Claus rally suggests continued volatility in the market. Investors should exercise caution, as historical patterns indicate that poor performance during this time can lead to a challenging January. However, strong fundamentals persist, particularly for certain tech stocks that could rebound swiftly.
XLE
Positive
The recent spike in natural gas prices may lead to an upward trend for the energy sector as demand rises, particularly as we enter a colder season. Investors in energy ETFs could see favorable outcomes from this development as supply pressures potentially stabilize prices.
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