Market Recap (1/5/25)
Market Recap of the Week of Dec 30, 2024 - Jan 3, 2025
Source: Apple Stocks Application
Overall Market Trends:
Last week, stocks retreated, ending the 2024 year on a sour note. The S&P 500 declined 30 points (-0.50%), the NASDAQ Composite fell 103 points (-0.52%), and the Dow Jones Industrial Average posted weekly losses of 270 points (-0.63%). The sole winner, the New York Stock Exchange Composite (NYSE), rose just 14 points (-0.07%).
The market fell largely on Monday with the Dow losing 700 points at session lows. Trading is expected to be light given the shortened week with the SPDR S&P 500 Trust (SPY) showing only 47 million shares of trading volume, generally a low number for a significant decline. With no news catalyst propelling stocks lower, investors are profit-taking amidst worries of the market losing momentum.
Stocks finished lower on Tuesday to wrap up the year as the market closed early for New Years Eve while markets stayed close on Wednesday for New Years day.
Stocks continued to fall to start the new year, extending the slump at the end of 2024. Big tech companies like Apple (NASDAQ: AAPL) and Tesla (NASDAQ: TSLA) tumbled 2.6% and 6%, respectively, largely contributing to the decline. While Nvidia (NASDAQ: NVDA) rose about 3%, it was not enough to offset the losses sustained by other companies.
The market climbed Friday, though they were unable to negate the losses from earlier in the week. Indices were pulled up from the technology sector, once again, with Nvidia rising 4.7%, Super Micro Computer (NASDAQ: SMCI) soaring 10.9%, Constellation Energy (NASDAQ: CEG) climbing 4%, and Viastra (NYSE: VST) surging 8.5%.
Looking Towards the Future
Upcoming Important Economic Events:
Monday: S&P final U.S. services PMI
Tuesday: Richmond Fed President Tom Barkin speaks; Job openings
Wednesday: ADP employment; Minutes of Fed's December FOMC meeting
Thursday: Initial jobless claims
Friday: Consumer sentiment (prelim); U.S. employment report; U.S. unemployment rate
Future Earnings Reports: