Overview

• The S&P 500 is set to close 2024 with a 24% annual gain, marking back-to-back years of over 20% growth for the first time since the late 1990s.
• Tech stocks, led by Nvidia's 180% surge, were key drivers of U.S. market gains, with the Nasdaq up over 31% for the year.
• Investors are cautious heading into 2025 due to uncertainties surrounding President-elect Donald Trump's proposed policies, including tariff increases, tax cuts, and regulatory changes.
• Higher U.S. Treasury yields in December, driven by inflation concerns, weighed on equity valuations, while the Federal Reserve signaled a slower pace of rate cuts next year.
• Global markets saw mixed performance, with weak Chinese manufacturing data and geopolitical tensions adding to concerns over economic growth in Asia and Europe.