Wall Street ends lower, capping a banner year

Wall Street ends lower, capping a banner year

By Stephen Culp

Tue December 31, 2024 8:06 PM

All three indexes started the day with some decent green only to begin declining almost immediately, going into the red by 11 a.m. and continuing downhill all day. So yes, it was yet another day that Santa Claus was conspicuously absent. Despite ending the year on a whimper, 2024 still had stellar results with the Nasdaq gaining 28.6%, the S&P 23.3% and the Dow 12.9%. The biggest winning sectors were communications, tech, and consumer discretionary, each advancing roughly between 29 and 39%.  

Wall Street ends sharply lower on penultimate trading day of a strong 2024

Wall Street ends sharply lower on penultimate trading day of a strong 2024

By Stephen Culp

Mon December 30, 2024 7:17 PM

In the thin volume that is customary in the final week of the year, a little bit of trading can make a big impact and the big sell off that happened today once again demonstrated that the Santa Claus rally was AWOL with all three indexes notching big losses, the Dow and Nasdaq into serious 3-digit red territory. The good news is that they all started out much worse in the morning, the Dow down over 700 points by 10:30, and then recovered substantially by close. The impact was due to year-end tax positioning as well as worries about what’s coming in 2025, both nationally and globally. 

Wall St finishes down after sell-off at end of strong holiday-shortened week

Wall St finishes down after sell-off at end of strong holiday-shortened week

By David French

Fri December 27, 2024 4:37 PM

The so-called Santa Claus rally took an abrupt reversal today with all the indexes heading well south right out the gate and staying there, both the Dow and Nasdaq suffering deep 3-digit losses. The tech stocks of the Magnificent Seven all took big dives between 2 and 5%. But no worries, there is still one more full week left for Santa Claus, not to mention that today’s massive sell-off was attributed to simple profit-taking as investors rebalance their portfolios heading into the new year. (Wouldn’t this rebalancing happen every year just before the 1^st?) But despite today, all three indexes ended the week with gains. As is typical for the year-end, volume for the shortened holiday week is below the 6-month average and is expected to remain so all next week too. 

DJ: 43,325.80  +28.77       NAS: 20,020.36  -10.77       S&P: 6,037.59  -2.45           12/26

DJ: 42,992.21  -333.59      NAS: 19,722.03  -298.33     S&P: 5,970.84  -66.75         12/27

Fri 12-27-24 4:37 pm Wall St finishes down after sell-off at end of strong holiday-shortened week | Reuters

US stocks tread water in thin trade, benchmark US yield backs off new high

US stocks tread water in thin trade, benchmark US yield backs off new high

By Stephen Culp and Alden Bentley

Thu December 26, 2024 5:11 PM

The Santa Claus rally went on pause today as all three indexes started the session in the red, the Dow down almost 200 points, but then began an almost immediate recovery to break-even around noon and then more or less straddle the flat mark the rest of the day and closing near flat. But no worries as today’s expert put it, “We’re in the Santa Claus rally, with a little bump in the road today, and it’s probably safe to say the year-end rally will continue.”  

Wall Street ends higher as Santa rally begins

Wall Street ends higher as Santa rally begins

By David French

Tue December 24, 2024 4:50 PM

The traditional Santa Claus rally is officially underway with all three indexes shooting straight way up, the fourth straight gain for the Dow and Nasdaq, and third for the S&P. The Magnificent Seven continues to drive the market over continued optimism on the future of tech, especially AI. It was a shortened session with the markets closing at 1 pm and will be closed for Christmas Day.  

DJ: 42,906.95  +66.69      NAS: 19,764.89  +192.29      S&P: 5,974.07  +43.22        12/23

DJ: 43,297.03  +390.08    NAS: 20,031.13  +266.24      S&P: 6,040.04  +65.97        12/24

Tue 12-24-24 4:50 pm Wall Street ends higher as Santa rally begins | Reuters

Wall Street ends higher on gains by most megacaps

Wall Street ends higher on gains by most megacaps

By David French

Mon December 23, 2024 4:40 PM

The day started in the red for all the indexes, only slightly for tech but deeply for the Dow which was down some 300 points this morning. But tech recovered to spend most of the day in the black, the Dow taking most of the day to reach that goal but also closing in the black. We’ve now seen our third straight day of corrections after last Wednesday’s severe sell off, corrections prompted mostly by major gains in the Magnificent Seven, all closing higher and with Meta, Nvidia and Tesla all gaining between 2 and 4%.  

Stocks rally after inflation data but close lower for the week

Stocks rally after inflation data but close lower for the week

By Chuck Mikolajczak

Fri December 20, 2024 4:30 PM

A correction has begun with all three indexes shooting straight up right out the gate, reaching their apex around noon, and staying there the rest of the day. The trigger was a combo PCE report that showed inflation slightly lower than expected and Fed officials indicating a more dovish approach than was announced Wednesday. It was enough to change the odds of 2025 rate cuts from two to three and for the first one to come as early as March instead of June.  

Stocks end flat after Fed-induced selloff as early bounce fades

Stocks end flat after Fed-induced selloff as early bounce fades

By Chuck Mikolajczak

Thu December 19, 2024 4:32 PM

After yesterday’s big shock sell-off, all three indexes started the day with a bang, the Dow up some 450 points, trying to correct for Wednesday’s big panic. And all three stayed well in the black all day but still with quite the rollercoaster as they all also gradually sank back all day long to close more or less flat. Today’s data didn’t help the case at all, with jobless claims falling more than expected and GDP revised upwards, all of which bolstering the Fed’s view that the economy is still running too hot and inflation is still ticking up.  

Stocks dive after Fed cuts rates, signals slower easing pace in 2025

Stocks dive after Fed cuts rates, signals slower easing pace in 2025

By Chuck Mikolajczak

Wed December 18, 2024 5:00 PM

Yesterday it was noted that investors had some trepidation about the so-called SEP Fed report projecting economic conditions for the coming year and its impact on rate cuts. They didn’t get what they wanted. Despite the ¼ December cut coming through, the market was shocked and sent into a tailspin right at 2 pm (when Powell likely made the announcement) that the SEP indicated a need to slow down the cuts and that only two more would be coming in 2025. The indexes saw their biggest daily drop in months, especially with the Dow plummeting more than 1,100 points and its 10^th straight day of declines, something that hasn’t happened since 1974.  

Stocks fall, Dow drops for 9th straight session with Fed decision due

Stocks fall, Dow drops for 9th straight session with Fed decision due

By Chuck Mikolajczak

Tue December 17, 2024 4:24 PM

Even though it’s really quite a foregone conclusion that the Fed will announce a ¼ point rate cut when it meets Wednesday and Thursday, it’s still being described as “standard fare for a pre-Fed day market where you have just a little bit of uncertainty” to hedge bets and pull back a bit. That’s exactly what happened today with all three indexes taking hits, especially in view of what news will come with the Fed’s SEP (Summary of Economic Projections) for more clues on inflation and future rate cuts.  

Nasdaq closes at record as investors prepare for Fed rate decision

Nasdaq closes at record as investors prepare for Fed rate decision

By Chuck Mikolajczak

Mon December 16, 2024 6:38 PM

With a near certainty for a ¼ point rate cut announcement at this month’s Fed meeting this Wednesday, tech was once again way up, the Nasdaq hitting still another new record, and the Dow continuing to fall as dollars get transferred to the riskier but more profitable tech stocks. This is the 8^th consecutive downgrade on the Dow, its worst string of declines in 6 years. Factory production (PMI) came in below forecast and at its lowest level since May 2020. The S&P snapped a three-week winning streak but is still up 27% for the year. The Nasdaq has had four straight weeks of gains. Retail sales comes in tomorrow. Volume is once again finally above the 14 billion average, coming in today at 15.3 billion. 

DJ: 43,828.06  -86.06       NAS: 19,926.72  +23.88       S&P: 6,051.09  -0.16        12/13

DJ: 43,717.48  -110.58     NAS: 20,173.89  +247.17     S&P: 6,074.08  +22.99     12/16

Mon 12-16-24 6:38 pm Nasdaq closes at record as investors prepare for Fed rate decision | Reuters

US stocks close flat as Nasdaq extends weekly gains, S&P 500 and Dow dip

US stocks close flat as Nasdaq extends weekly gains, S&P 500 and Dow dip

By Echo Wang

Fri December 13, 2024 4:40 PM

They’re calling yesterday and today both “a breather” as both the Nasdaq and Dow opened the session up 3-digits but began an almost immediate decline staying close to flat throughout the rest of the session and closing flat. It’s also being called a sell-off as investors take profits from recent highs, especially the Nasdaq recently breaking 20,000 for the first time. Still, despite PPI coming in hotter than expected yesterday, the odds of a ¼ point rate cut next week remains a virtual certainty, today even rising to 97% vs 96 yesterday.  

Wall Street closes lower as investors assess data after recent gains

Wall Street closes lower as investors assess data after recent gains

By Echo Wang

Thu December 12, 2024 4:31 PM

It was a shot straight down on all the indexes, particularly the Dow and Nasdaq which both turned in substantial 3-digit losses. One explanation is that investors were taking profits after yesterday’s record-setting day on the Nasdaq passing 20,000 for the first time. Another explanation is that investors are hedging their bets with a PPI number coming in higher than expected as well as an unexpected hike in unemployment claims.  

Tame US inflation boosts S&P 500, Nasdaq rallies above 20,000

Tame US inflation boosts S&P 500, Nasdaq rallies above 20,000

By Chibuike Oguh, Purvi Agarwal and Shashwat Chauhan

Wed December 11, 2024 4:20 PM

Even though yesterday the forecast was for a very slight 0.1% increase in the CPI, and even though there were no specific numbers given in today’s report except that “consumer prices in November increased by the most in seven months, though broadly in line with market expectations,” it seems fair to assume that the number was higher than 0.1% but still low enough to make everyone happy. The odds for a rate cut now stands at 96%, up from 86 yesterday, and that caused both tech indexes to zoom way up right out the gate.  

Wall St indexes fall ahead of inflation data

Wall St indexes fall ahead of inflation data

By Sinéad Carew and Purvi Agarwal

Tue December 10, 2024 4:05 PM

Tech started the day in the black and ended it in the red. The Dow started the day 3-digits in the red, briefly saw black for a couple hours mid-day, then went back into the red to close 3-digits down again. Like yesterday, everyone is hedging their bets against inflation reports coming Wednesday and Thursday. Like yesterday, the Chinese investigation of Nvidia is pulling down the tech sector. Like yesterday, industrials continue to experience correction after the recent records that were set.  

Wall Street closes down as tech stocks fall

Wall Street closes down as tech stocks fall

By Echo Wang

Mon December 9, 2024 6:27 PM

It was a shot straight down on all the indexes as the entire market felt the sting of Nvidia being investigated by the Chinese, a move that infected the entire chip sector sending Nvidia down 2.5%, Advanced Micro Devices 5.7% and the chip index itself down almost 1%. Today’s big plunge may also have to do with hedging bets as CPI data is due Wednesday and PPI Thursday to get a better fix on inflation. Unemployment rose to 4.2% indicating a loosening labor market which also bolsters the case for a December rate cut, the odds of which today stand at 85%. Industrials of course may be just continuing their correction after the recent record highs. For once, volume exceeded the 14.46 average, coming in today at 15.11 billion. 

DJ: 44,642.52  -123.19       NAS: 19,859.77  +159.05     S&P: 6,090.27  +15.16         12/6

DJ: 44,401.93  -240.59       NAS: 19,736.69  -123.08      S&P: 6,052.85  -37.42          12/9

Mon 12-9-24 6:27 pm Wall Street closes down as tech stocks fall | Reuters

Wall Street adds to stock, rate cut bets after 'Thanksgiving buffet' jobs data

Wall Street adds to stock, rate cut bets after 'Thanksgiving buffet' jobs data

By Lawrence Delevingne and Iain Withers

Fri December 6, 2024 4:39 PM

The employment report came in with a rosy 227,000 new jobs vs a 200k forecast and the October numbers were upwardly revised from the dismal 12,000 to now 36,000 new jobs. This is being called a Goldilocks report since it is neither so good as to discourage a December rate cut nor so bad as to raise concerns of a slowdown. As today’s expert opined, “This doesn’t kill the holiday spirit and the Fed remains on track to deliver a cut in December.” Since that’s good news for tech, industrials sank a bit from recent records as money flowed back to risk-on. Per the CBOE, 13.2 billion shares were traded, well below the 4-week average. 

DJ: 44,765.71  -248.33       NAS: 19,700.26  -34.86       S&P: 6,075.11  -11.38       12/5

DJ: 44,642.52  -123.19       NAS: 19,859.77  +159.05    S&P: 6,090.27  +15.16      12/6

Fri 12-6-24 4:39 pm Wall Street adds to stock, rate cut bets after 'Thanksgiving buffet' jobs data | Reuters

Indexes dip with UnitedHealth, tech, ahead of jobs report

Indexes dip with UnitedHealth, tech, ahead of jobs report

By Caroline Valetkevitch

Thu December 5, 2024 4:25 PM

It’s only expected that after a record-setting day there would be a bit of a pullback and that’s exactly what happened with the Dow dipping three-digits as investors hedge their bets with the jobs report coming in Friday. The healthcare sector got hit hard today in the wake of the murder of United Health’s CEO yesterday with their stock dropping 5.2% and also infecting Cigna and Molina and the overall healthcare index.  

Tech rally, Powell comments boost indexes to record closing highs

Tech rally, Powell comments boost indexes to record closing highs

By Caroline Valetkevitch

Wed December 4, 2024 4:31 PM

Fed Chair Powell opining today that he was upbeat on the economy and inflation is continuing downward triggered another substantial rally with the markets now very confident that a December rate cut is coming. All three indexes surged to new records. Now all eyes are on Friday’s employment report which is really the tell-all for how well things are going. Today the private payrolls report showed a modest increase. But, awaiting Friday’s numbers, volume came in at 13 billion, still well below the 14.9 billion average. 

DJ: 44,705.53  -76.47       NAS: 19,480.91  +76.96      S&P: 6,049.88  +2.73       12/3

DJ: 45,014.04  +308.51    NAS: 19,735.12  +254.21    S&P: 6,086.49  +36.61     12/4

 Wed 12-4-24 4:31 pm Tech rally, Powell comments boost indexes to record closing highs | Reuters

Nasdaq, S&P 500 post record closing highs; investors await more data

Nasdaq, S&P 500 post record closing highs; investors await more data

By Caroline Valetkevitch

Tue December 3, 2024 7:32 PM

The indexes started the day in the red, the Dow down over 200 points by noon, then slowly recovered to modest gains in tech but still in the red for industrials. The tech indexes, already at records, achieved new records again as positive Fed comments further stoked optimism of a December rate cut, today with odds set at 72%. However, there is still considerable fence-sitting as investors await some critical reports later this week including the ISM and employment reports due Friday. The Fed has indicated that inflation continues to head towards the 2% target and that the job market is solid. The S&P advanced 5.7% in November and is up 27% YTD.  With the fence-sitting, volume remains below the 14.8 billion average, coming in at 12.7 billion. 

DJ: 44,782.00  -128.65      NAS: 19,403.95  +185.78     S&P: 6,047.15  +14.77      12/2

DJ: 44,705.53  -76.47        NAS: 19,480.91  +76.96       S&P: 6,049.88  +2.73        12/3

Tue 12-3-24 7:32 pm Nasdaq, S&P 500 post record closing highs; investors await more data | Reuters

S&P 500, Nasdaq post record highs as tech-related shares gain

S&P 500, Nasdaq post record highs as tech-related shares gain

By Caroline Valetkevitch

Mon December 2, 2024 6:11 PM

The big dive that began in the last 15 minutes Friday, particularly on the Dow, continued in earnest right out the gate this morning with the industrials losing 200 points by 10:30 and staying in the red all day, though recovering some and closing down 128. This is also not too unsurprising considering the record-setting day the Dow enjoyed on Friday. And as goes industrials, tech usually goes in the opposite direction as risk-on becomes the order of the day with investors looking forward to what is assumed to be another rate cut this month as well as also assumed positive jobs reports.