
Asian Markets Mostly Slip as Investors Remain Cautious
Asian shares mostly slipped on Thursday, with the exception of Australia's S&P/ASx 200 which rose 0.4% in early trading. The region's main stock market in Tokyo remained closed for the New Year's holidays. Investors remained cautious amid concerns about potential policy changes under President Donald Trump and political uncertainty in South Korea.
Hong Kong's Hang Seng shed 1.3%, while the Shanghai Composite lost 0.8%. South Korea's Kospi declined nearly 0.1%.
Wall Street Closed for New Year's Day
Wall Street trading was closed on Wednesday for the New Year's Day holiday. On Thursday, investors will receive an updated snapshot of U.S. construction spending for November, while U.S. manufacturing numbers for December will be released Friday.
Stock Markets Close for National Day of Mourning for Former President Jimmy Carter
The New York Stock Exchange and Nasdaq will close their equity and options markets on January 9th in observance of a National Day of Mourning for former President Jimmy Carter. This follows a long-standing Wall Street tradition of mourning the nation's leaders.
U.S. Stock Indexes Close Mostly Lower on Final Day of 2024
U.S. stock indexes closed mostly lower on Tuesday, marking a downbeat finish to another milestone-shattering year on Wall Street. The S&P 500 gave up an early gain to finish down 0.4%, but still managed a 23.3% gain for the year, its second consecutive year with a gain of more than 20%. The Dow Jones Industrial Average slipped 0.1%, and the Nasdaq composite lost 0.9%.
Big Tech stocks led the rally, pushing the Nasdaq to a yearly gain of 28.6%. The Dow, which is less heavily weighted with tech, rose 12.9% for the year.
U.S. Markets' Stellar Run Driven by Strong Economy and Consumer Spending
U.S. markets' stellar run in 2024 was driven by a growing economy, solid consumer spending, and a strong jobs market. Skyrocketing prices for companies in the artificial-intelligence business, such as Nvidia and Super Micro Computer, also helped lift the market to new heights.
Fed Signals More Cautious Approach in 2025
After three interest rate cuts in 2024, the Fed has signaled a more cautious approach heading into 2025 with inflation remaining sticky. President-elect Donald Trump's threats to hike tariffs on imported goods have raised concerns that inflation could be reignited as companies pass along the cost of tariffs.