Last Updated: 4:28 PM EST
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Stock indices finished 2024’s last trading session on a sour note, as the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) fell 0.87%, 0.43%, and 0.07%, respectively. Still, 2024 was a great year overall for stocks. Indeed, the S&P 500 rose 23% while the Nasdaq gained 29%. At the same time, the Dow Jones rallied 13%.
Separately, Standard & Poor’s released its United States S&P/Case-Shiller House Price Index Composite. This report measures the change in house prices in 20 metropolitan areas. Home prices rose 4.2% year-over-year in October, slightly below September’s 4.6% but just above the 4.1% analysts expected. Seasonally adjusted, prices climbed 0.3% month-over-month, beating the 0.2% consensus.
Unadjusted, the index dipped 0.2% from the previous month, an improvement from September’s revised 0.3% drop. New York led annual gains with a 7.3% increase, followed by Chicago at 6.2% and Las Vegas at 5.9%. Tampa posted the smallest rise at 0.4%.
“New York remains at all-time highs and is one of just three markets with monthly gains,” said Brian D. Luke of S&P Dow Jones Indices. Adjusted for seasonality, the data showed a broader rally nationwide, with Phoenix, New York, Detroit, and Charlotte seeing month-over-month increases.
First Published: 3:50 AM EST
U.S. stock futures were steady on Tuesday morning as investors braced for the final trading day of the year. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were down 0.21%, 0.06%, and 0.13%, respectively, at 3:39 a.m. EST, December 31.
On Monday, the stock market witnessed a weak performance. The S&P 500, the Nasdaq Composite, and the Dow Jones declined by 1.1%, 1.2%, and 1%, respectively.
In major stock market news, Boeing (BA) stock was down 2.3% after one of its models, the 737-800, operated by Jeju Air in South Korea, crashed during the weekend. Also, MicroStrategy (MSTR) fell 8.2% after the company increased its holdings of Bitcoin (BTC-USD), which coincided with a decline in the cryptocurrency’s price.
Despite yesterday’s pullback, the major indices have posted significant gains for 2024. So far this year, the S&P 500 is on track for an impressive annual return of around 27%, and the Dow Jones also saw strong growth, with a 14.4% return. Further, the tech-heavy Nasdaq Composite led the market this year with a remarkable 34% surge.
This strong performance was fueled by a post-election rally, interest rate cuts, robust corporate earnings, positive U.S. economic data, and significant advancements in artificial intelligence (AI).
Investors should note that the market will remain closed on Wednesday, January 1, 2025, in observance of New Year’s Day.
Meanwhile, the U.S. 10-year treasury yield was down, floating near 4.517% at the time of writing. At the same time, WTI crude oil futures are trending higher, hovering near $71.51 per barrel as of the last check.
Elsewhere, European indices opened flat on Tuesday morning as investors looked ahead to the last trading session of 2024.
Asia-Pacific Markets Traded Mixed on Tuesday
Asia-Pacific indices traded mixed today. Investors’ sentiment was hurt after December’s Manufacturing Purchasing Managers’ Index (PMI) data from China remained below expectations.
At the same time, Hong Kong’s Hang Seng Index was up 0.09%. However, China’s Shanghai Composite and Shenzhen Component indices declined 1.63% and 2.4%, respectively.
It must be noted that Japan’s stock market remained closed today for New Year holidays and will reopen on January 6, 2025.
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