Year-end review of the US stock market: The seven giants continue to surge, and investors prepare for Trump 2.0.
In 2024, the US stock market is driven by the AI boom, the Federal Reserve's interest rate cuts, and strong economic growth, with the three major indices reaching new highs: the S&P 500 Index up 25% for the year, the Nasdaq Composite Index up 31% for the year, and the Dow Jones up 14% for the year; following Trump's return, a series of policies are expected to create huge waves, and the Federal Reserve's comments indicating a slowdown in interest rate cuts have already disturbed the market.
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Large Technology stocks are leading the decline, with Tesla once dropping over 6%, and the sell-off in QITABANKUAI is also accelerating. Aside from technical factors like profit-taking, the 10-year US Treasury yield is hovering at a seven-month high, intensifying the downward pressure on the stock market. Goldman Sachs states that by the end of the year, USA pensions will sell $21 billion in US stocks, and CTAs will sell an additional $4 billion, resulting in significant selling pressure.
U.S. stock market closing | Rising U.S. Treasury yields pressured U.S. stocks, with both the S&P 500 and Nasdaq falling over 1% overnight, but seeing slight gains over the week; Tesla dropped nearly 5%, leading the decline among the seven tech giants.
U.S. Treasury yields rose, putting pressure on U.S. stocks, with the Dow Jones dropping more than 560 points at its lowest, and the Nasdaq, Nasdaq 100, Small Cap, chip, and the China concept index all falling over 2% during intraday trading. However, the Dow Jones halted a three-week decline, ending with a weekly increase of 0.4%, the S&P 500 rose 0.7% for the week, and the Nasdaq gained 0.8% for the week.