US Stocks Set for Record Close in 2024 Despite Market Volatility

Despite losses, major stock averages are poised to close 2024 near record levels, with the S&P 500 and DJIA up over 23% and 14% respectively, on track for their best year since 2021. The Nasdaq has surged around 30%. These benchmarks are also headed for a winning fourth quarter following Donald Trump’s election win, with the Nasdaq on pace for its longest quarterly winning streak since the second quarter of 2021.

Goldman Sachs anticipates the Fed will cut interest rates by 25 basis points in March, followed by two more cuts of the same magnitude in June and September, reaching a terminal rate range of 3.5-3.75%. The bank also expects the Fed to slow its balance sheet runoff in January 2025 and halt it entirely by the second quarter. Meanwhile, shares of a major airline fell over 4% following a devastating air accident in South Korea where a Boeing 737-800 crashed, killing 179 people. Crude prices edged higher on Monday in thin holiday-impacted trade. Both benchmarks are on course for significant losses in 2024, with the WTI contract down around 1% and Brent over 3.5% lower so far, largely due to concerns over slowing demand in China, the world’s largest oil importer

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S&P 500 Set for Nearly 27% Gain in 2024, Led by AI StocksThe S&P 500 is poised to close 2024 with a significant 27% gain, following 50 record-breaking sessions and a strong previous year's performance. This impressive growth, however, is driven by skyrocketing prices in the artificial-intelligence sector, rather than dot-com stocks. Notably, companies like Nvidia and Super Micro Computer have seen substantial value increases.
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US Stocks Set for Second Straight Year of Gains in 2024The US stock market is poised to close out 2024 with another year of substantial gains, marking the second consecutive year of at least 20% increase for the S&P 500. This impressive performance follows a 24.2% surge in 2023 and a projected 24.3% rise in 2024, fueled by a strong economy and the Federal Reserve's rate cuts. Big Tech companies have played a significant role in these gains, but other sectors have also contributed to the positive market trend.
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