In the latest trading session, US benchmark equities showed a downward trend as we approach Monday's market close in the penultimate trading day of 2024. The Nasdaq composite index experienced a drop of 0.9%, closing at 19,542.7, while the S&P 500 also saw a 0.9% decline, ending at 5,918.71. The Dow Jones Industrial Average fell 0.8%, settling at 42,652.09.
A notable trend was observed with the materials, consumer discretionary, and health sectors leading the decliners, highlighting a shift in investor sentiment. In a significant development, both the New York Stock Exchange and Nasdaq made an announcement regarding market operations for January 9, revealing that they will close trading in honor of former President Jimmy Carter following his passing.
This gesture underscores the influence of historical figures on market dynamics and investor behavior. Furthermore, the Securities Industry and Financial Markets Association (SIFMA) advised an early market closure for bond trading on that day, indicating the broader implications of such a loss on financial activities.
On the bond front, the US 10-year Treasury yield experienced a decrease of seven basis points, bringing it down to 4.55%. Likewise, the two-year yield also slid seven basis points, reaching 4.25%. In the commodity markets, West Texas Intermediate crude oil saw a slight increase, rising 0.9% to $71.25 per barrel, reflecting ongoing fluctuations in energy prices amidst varying global economic conditions.
Market participants continue to navigate through these shifts as they assess the economic outlook as the year progresses..