Wall Street indices traded sharply lower on Monday, December 30, 2024, as investors grappled with retreating Treasury yields and concerns over end-of-year positioning. The Dow Jones Industrial Average (DJIA) plummeted more than 600 points, or 1.4%, while the S&P 500 shed 1.4%. The Nasdaq Composite, dominated by tech stocks, slid 1.5%.
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The downturn followed a pullback in the 10-year Treasury yield, which retreated from a seven-month high to hover near 4.56%, signaling a shift in bond market dynamics.
Year-end gains in focus
With only two trading sessions remaining in 2024, markets are aiming to hold onto this year’s robust gains despite Monday’s slide. The S&P 500 remains up over 25% year-to-date, driven by broad-based optimism in equities. The tech-heavy Nasdaq has surged over 30%, fueled by a rally in technology stocks, while the Dow Jones has posted a more moderate 14% increase, reflecting steadier blue-chip performance.
Market closure for the day of mourning
Separately, the New York Stock Exchange and Nasdaq announced that trading will be suspended on Thursday, January 9, 2025, to honor the late former President Jimmy Carter. The 39th President of the United States passed away on Sunday at the age of 100 at his home in Plains, Georgia. The day of mourning will allow markets to reflect on Carter’s contributions to the nation.
As 2024 comes to a close, investors remain focused on maintaining the year’s momentum while bracing for potential volatility in the new year.
India stock markets decline amid unabated foreign fund outflows
Benchmark Sensex dropped by nearly 451 points on Monday amid unabated foreign fund outflows, weak trends in the global markets and selling in blue-chip stocks. In a day marked with volatility, the 30-share BSE benchmark Sensex tumbled 450.94 points, or 0.57%, to settle at 78,248.13. During the day, it tanked 621.94 points, or 0.79%, to 78,077.13. The NSE Nifty declined 168.50 points, or 0.71%, to 23,644.90.
From the 30 blue-chip pack, Tata Motors, Titan, Tata Steel, State Bank of India, Mahindra & Mahindra, NTPC, ICICI Bank, Maruti, HDFC Bank and Infosys were among the biggest laggards. Zomato, Tech Mahindra, HCL Tech and IndusInd Bank were among the gainers.
Foreign institutional investors (FIIs) offloaded equities worth ₹1,323.29 crore on Friday, according to exchange data. In Asian markets, Seoul, Tokyo and Hong Kong settled lower while Shanghai ended higher.