U.S. Stocks Move To The Downside But Post Strong Gains For 2024
Stocks showed a lack of direction early in the session on Tuesday but moved mostly lower over the course of the trading day. The tech-heavy Nasdaq led the downward move, slumping to its lowest closing level in a month.
The Nasdaq slid 175.99 points or 0.9 percent to 19,310.79 and the S&P 500 fell 25.31 points or 0.4 percent to 5,881.63. The narrower Dow posted a more modest loss, edging down 29.51 points or 0.1 percent to 42,544.22.
The weakness that emerged on Wall Street extended the sharp pullback seen over the two previous sessions, as some traders cashed in on this year’s strong gains.
Despite the recent softness, the major averages still posted standout gains for 2024, with the tech-heavy Nasdaq soaring by nearly 30 percent for the year.
The Dow also surged by nearly 13 percent for the year, while the S&P 500 posted its second consecutive yearly gain of more than 20 percent, spiking by more than 23 percent.
Semiconductor and software stocks turned in some of the market’s worst performances on the day, contributing to the decline by the Nasdaq, while oil producer stocks moved higher along with the price of crude oil.
The extended pullback on Wall Street may have reflected concerns about the outlook for the markets in the new year following recent volatility.
Stocks have shown wild swings over the past couple of weeks following the Federal Reserve’s forecast for fewer rate cuts in 2025 earlier this month.
Overall trading activity remained somewhat subdued, however, as some traders looked to get a head start on their New Year’s Eve celebrations.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower on Tuesday, with markets in Japan and South Korea closed on the day. China’s Shanghai Composite Index tumbled by 1.6 percent, while Australia’s S&P/ASX 200 Index slid by 0.9 percent.
Meanwhile, most European stocks moved to the upside, although several major markets were closed. While the French CAC 40 Index advanced by 0.9 percent, the U.K.’s FTSE 100 Index climbed by 0.6 percent.
In the bond market, treasuries saw modest weakness following the notable rebound seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose 2.8 basis points to 4.573 percent.
Looking Ahead
Following the New Year’s Day holiday on Wednesday, trading on Thursday may be impacted by reaction to a report on weekly jobless claims.
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