Stock market today/ Wall Street weekly review/ S&P 500 2024 gains/ U.S. Treasury yields/ global market update/ New York/ Newslooks/ J. Mansour/ Morning Edition/ Stocks edged lower Friday morning, with the S&P 500 falling 1%, but the market remains on course for a winning week and a strong finish to 2024. The Dow Jones Industrial Average and Nasdaq also dipped, while the bond market held steady. Despite Friday’s losses, the S&P 500 is tracking a remarkable 25% annual gain.
Wall Street Weekly Review: Quick Looks
- Market Performance:
- S&P 500 fell 1% Friday but is up 0.8% for the week.
- Dow Jones Industrial Average dropped 191 points (0.5%).
- Nasdaq composite slid 1.6% but remains on track for a weekly rise.
- Economic Data:
- Wholesale trade sales and inventory estimates fell 0.2% in November, trailing expectations.
- Weekly unemployment benefits data remained steady.
- Global Markets:
- Japan’s benchmark surged as the yen stayed weak.
- South Korea’s stocks fell after a political upheaval.
- European markets advanced.
- Treasury Yields:
- 10-year yield unchanged at 4.59%.
- 2-year yield slightly down to 4.32% from 4.33%.
Wall Street Slips as Weekly Gains Hold Steady Amid Light Trading
Deep Look
Wall Street Ends Week on Mixed Note but Maintains Positive Momentum
Stocks dipped on Friday morning as investors wound down a holiday-shortened trading week. The S&P 500, which fell 1%, remains on track for a 0.8% weekly gain, while the Dow and Nasdaq also posted declines. Despite the dip, Wall Street is closing in on an exceptional annual performance.
Strong Year for the S&P 500
The S&P 500 is set to rise more than 25% in 2024, marking a second consecutive year of gains exceeding 20%. Such back-to-back growth hasn’t occurred since 1997-1998. Market optimism has been fueled by robust consumer spending, a resilient labor market, and steadily declining inflation.
Economic Updates
Friday’s economic reports added to the mixed signals this week:
- Wholesale Trade: Sales and inventory estimates for November fell 0.2%, reversing gains from October.
- Labor Market: Initial claims for unemployment benefits held steady last week, reflecting ongoing stability in employment.
Bond yields showed little movement. The 10-year Treasury yield remained steady at 4.59%, while the 2-year Treasury yield dipped slightly to 4.32%.
Global Market Activity
Overseas markets presented a mixed picture:
- Japan’s stocks surged, bolstered by a weakened yen, which aids export competitiveness.
- South Korean stocks fell after the country’s main opposition party voted to impeach the acting leader.
- European markets moved higher, showing resilience amid regional economic uncertainty.
Looking Ahead
Next week promises a slate of significant economic data, offering investors insights into housing market trends, construction spending, and manufacturing activity. These updates will help shape expectations for 2025 as the market wraps up an exceptional year.
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