Mid-Week Market Minute 12.31.24

Stocks Look for Strong Finish to Year

Stocks were lower in early trading this week as the S&P 500 looked to snap a three-day losing streak and end higher on this the final trading day of 2024. U.S. bond markets are set to close early at 1 p.m. Central on Tuesday, while stocks have normal trading hours before both markets close for New Year’s Day.

The S&P 500 has surged more than 25% in total return in 2024, building on a similar gain of 25.97% from last year. This two-year gain will mark the highest since the nearly 66% rally between 1997 and 1998. Over the course of the year, the S&P 500 posted 57 record highs, placing 2024 in the top five years for most new highs. In bonds, the Bloomberg Aggregate index is set to finish the year higher by nearly 1.5% after a year full of ups and downs for interest rates.

Looking forward to the rest of the week, it will be relatively light as far as market-moving economic data is concerned. Thursday will bring fresh data on the employment front, in the form of initial and continuing jobless claims. Elsewhere, investors will get a look at both the S&P US manufacturing PMI as well as the ISM Manufacturing PMI. Next week, markets will look forward to the nonfarm payrolls report for December. Economists expect payrolls to expand by 153,000 for the month, while the unemployment rate is expected to remain unchanged at 4.2%.

Source: GSAM, CNBC, JPMorgan, FactSet

This communication is for informational purposes only. It is not intended as investment advice or an offer or solicitation for the purchase or sale of any financial instrument.

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