The Club’s Top 10 things to watch in the stock market on New Year’s Eve

Key Points

  • Wall Street aims to break a three-session losing streak on the last trading day of 2024.
  • The S&P 500 has seen significant growth, up nearly 24% year to date and marking back-to-back 20%-plus years.
  • Treasury yields are slightly down, with the 10-year Treasury yield at its lowest since Dec. 20.

Summary

On the final trading day of 2024, Wall Street is set to attempt breaking a three-session losing streak. The S&P 500, despite a 2% decline in December, has shown a 2.5% increase in the fourth quarter and is up nearly 24% for the year, marking the first back-to-back 20%-plus years since 1997 and 1998. This performance echoes the market's strength seen in the late 1990s. Meanwhile, Treasury yields have experienced a slight decrease, with the 10-year Treasury yield dropping to just above 4.5%, the lowest since December 20. The 2-year Treasury yield also fell to 4.23%, its lowest since December 18. Despite the Federal Reserve's efforts to cut interest rates three times this year, bond yields remain elevated, which generally supports stock market performance. The bond market will close early at 2 p.m. ET, while the equity markets will have a full trading day, with all markets closed on New Year's Day.

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December 31, 2024
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