Stock market today: S&P 500, Nasdaq slide to start final trading week of 2024
Published On Dec 30, 2024, 9:39 AM
On the first trading day of the final week of 2024, the S&P 500 and Nasdaq saw declines of about 1.2% and 1.4%, respectively. The Dow Jones also recorded a drop of more than 1%. Despite a strong performance for the year overall, with the S&P 500 up over 25% and the Nasdaq over 30%, the anticipated "Santa Claus" rally—a typical post-Christmas market uptrend—has not materialized, with the S&P 500 down less than 0.1% during this period. Investors are hoping for better performance in January, especially since previous years showed that positive returns during this time often lead to a strong following year.
Stock Forecasts
SPY
Negative
The decline in the stock market could be attributed to some selling pressure at the end of the year, along with the underperformance of major tech stocks such as Tesla and Nvidia which were key drivers of this year's gains. Furthermore, the lack of a typical December rally may foreshadow a weaker January performance, impacting investor sentiment going into the new year.
BA
Negative
Boeing's shares dropped more than 3% following a fatal crash of one of its aircraft, which raises concerns about safety and regulation. This incident could lead to increased scrutiny from regulatory bodies, likely affecting Boeing's stock negatively in the short term.
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