Stock Market Update

[BRIEFING.COM] The stock market closed with losses at the index level on the final session of the year. The Nasdaq Composite, which surged 28.6% in 2024, logged a 0.9% decline compared to yesterday's close. The S&P 500 fell 0.4% and the Dow Jones Industrial declined 0.1% while the Russell 2000 outperformed, settling 0.1% higher. 

The market was in rally-mode at the open following recent declines, but buying interest faded as the 10-yr yield moved higher. The 10-yr yield was at 4.53% when the stock market opened, but settled two basis points higher for the day at 4.57%. That's 69 basis points higher for 2024.

Losses the mega cap space related to profit-taking activity also contributed to weakness at the index level. The Vanguard Mega Cap Growth ETF (MGK) closed 1.0% lower today, but gained 32.3% this year. Meanwhile, the equal-weighted S&P 500 settled 0.2% today, and 11.1% higher this year.

The information technology (-1.0%) and consumer discretionary (-1.0%) sectors were among the worst performers today, but logged solid gains in 2024. The information technology sector is 35.7% higher in 2024 and the consumer discretionary sector sits on a 29.1% gain.

As a reminder, markets are closed tomorrow for New Year's Day. 

• Nasdaq Composite: +28.6% YTD
• S&P 500: +23.3% YTD
• Dow Jones Industrial Average: +12.9% YTD
• S&P Midcap 400: +12.2% YTD
• Russell 2000: +10.0% YTD

Reviewing today's economic data:

• October FHFA Housing Price Index 0.4%; Prior 0.7%
• October S&P Case-Shiller Home Price Index 4.2% (Briefing.com consensus 4.2%); Prior 4.6%

Looking ahead to Thursday, market participants receive the following economic data: weekly initial and continuing claims at 8:30 ET, final December S&P Global US Manufacturing PMI at 9:45 ET, November Construction Spending at 10:00 ET, and weekly EIA Crude Oil Inventories at 10:30 ET.