Canada's main stock index suffered a broad-based pullback on the final Monday of 2024, while U.S. markets also fell.In New York, the Dow Jones industrial average was down 418.48 points at 42,573.73. The S&P 500 index was down 63.90 points at 5,906.94, while the Nasdaq composite was down 235.25 points at 19,486.79.
“It wouldn't surprise us if we did see the markets kind of take a breather, take a pullback, even leading into 2025,” Gardner added.On the TSX, the biggest losses were sustained in the tech and materials sectors. Only the energy sector finished the day in positive territory Monday, helped along by benchmark oil prices that ticked higher in part due to last week’s news of larger-than-expected drawdowns of U.S. crude stocks.
"I think we're seeing a lot of the positive trends carry over from 2024. We're seeing interest rates being cut across the board both in Canada and the U.S., and we also have those U.S. election results in, which is igniting pro-growth policy expectations into 2025," she said.Markets got a major boost in 2024 thanks to cooling inflation throughout the year, which led central banks in both the U.S. and Canada to cut interest rates.
While interest rates took centre stage for much of 2024, investors at the end of the year are also watching closely for policy changes and economic implications related to next month's return of Donald Trump to the White House.
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