US Stocks Set for Record Close in 2024 Despite Market Volatility

📆 12/30/2024 10:17 AM
📰 Investingcom

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Major US stock indexes are projected to finish 2024 near record highs, fueled by a strong year for tech stocks and a potential easing of interest rates by the Federal Reserve. However, recent events like a fatal plane crash in South Korea and concerns over slowing global demand have caused some 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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