Stocks Trending Lower to End Year With Profit Taking

Markets looking to give about 1% back on the 2024 gains

12/30/2024 - 11:43
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Written by Banking Exchange staff

The stock market continued to move lower on Monday one day ahead of the last trading session of the year, with markets looking to give about 1% back on the 2024 gains.

While it will be a light week with little news, all indexes for equities will enjoy double digit gains on the year with the Dow Jones up a staggering 25%.

The Nasdaq is set to clear 30% for the year. Analysts cite year-end profit-taking as the catalyst for lower markets at the end of the year rather than any major data or news impact.

While the 10-year treasury yield also pulled back early Monday morning, it traded over 4.6% last week. The so-called "Santa Claus" may have already happened for 2024 and 2025 as Christmas seemed to come all year for equity investors.

Tech stocks are the ones receiving the most pull back on Monday as the sector also has had the most successful run.

Aside from real estate reports, the week will provide limited new market data.

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