The market lost steam at the end of the year after registering huge gains, but there was some recovery at the end of last week. Although we did not get a Santa Claus rally, the S&P surged 23.3% in 2024 and the Nasdaq Composite closed 28.6% higher for the year.
Small cap stocks outperformed last week, leading the Russell 2000 to settle 1.1% higher. The S&P 500 and Nasdaq Composite each declined 0.5% for the week. High interest rates a strong USD were the culprits for the weak market.
Only three S&P 500 sectors closed higher last week with energy up 3.2%, real estate +0.6%, and health care just barely positive (+0.01%). The losers were led by materials (-2.1%), consumer discretionary (-1.5%), and consumer staples (-1.4%).
The US equity markets will be closed on Thursday (January 9th) in remembrance of former President Jimmy Carter.