The final trading day of 2024 sees U.S. stock futures trending higher, with investors anticipating a positive close for the Dow Jones Industrial Average and S&P 500 after a challenging month. Tesla’s quarterly delivery report and Boeing’s response to the recent Jeju Air crash are key areas of focus. This article explores these market trends and the upcoming New Year’s Day holiday closure.
Table Content:
Final Trading Day of 2024; Markets Closed for New Year’s Day
Both stock and bond markets will observe the New Year’s Day holiday on Wednesday, resuming normal operations on Thursday, January 2nd, 2025. Bond markets will have an early closure at 2 p.m. ET today. This closure follows a generally positive year for major indices, with the Nasdaq boasting a 30% gain, the S&P 500 up nearly 24%, and the Dow Jones Industrial Average showing a 13% increase.
Stock Futures Rise; December Marks a Difficult Month
Despite a recent downturn, U.S. stock futures indicate a positive opening for Tuesday. Nasdaq futures are up 0.5%, recovering from a 1.2% drop on Monday. S&P 500 and Dow futures show gains of 0.4% and 0.3%, respectively. However, both indices are projected to conclude December with their most significant monthly decline since April. The 10-year Treasury note yield is down to around 4.52%, while Bitcoin (BTCUSD) sees a nearly 2% increase, trading above $94,000. Oil and gold futures also exhibit upward movement.
U.S. Stock Market Graph
Tesla Stock Rebounds After Recent Losses
Tesla (TSLA) stock is showing a 1% premarket increase, seeking to recover from a three-day decline preceding its fourth-quarter deliveries report, expected on Thursday. Despite a 10% drop since Christmas, Tesla stock has surged 68% year-to-date. Analysts predict deliveries of approximately 510,000 units, representing a 10% quarter-over-quarter increase and a 5% year-over-year rise.
Boeing Stock Stabilizes Following South Korean Air Crash
Boeing (BA) stock demonstrates a slight premarket rise after Monday’s decline exceeding 2%, triggered by the tragic Jeju Air crash in South Korea. The accident, resulting in 179 fatalities, prompted South Korean authorities to mandate inspections of all 737-800 aircraft. This incident adds to Boeing’s challenges in 2024, including aircraft quality concerns and labor disputes, leading to a significant stock price decline and the need for additional capital to maintain its credit rating and financial stability.
Conclusion: Market Uncertainty Amidst Positive Trends
As 2024 concludes, the U.S. stock market exhibits a blend of optimism and uncertainty. While futures suggest a positive final trading day, December’s performance highlights underlying volatility. Tesla’s upcoming delivery report and Boeing’s ongoing challenges will likely influence market sentiment in the early days of 2025. The New Year’s Day holiday provides a brief respite before the market reopens to navigate the complexities of the year ahead.
