Wall Street Breakfast S&P up 25% heading into end of year
16 snips
Dec 29, 2024 The Nasdaq is surging with a remarkable 30% rise, while the Dow lags behind at 14%. Recent housing and manufacturing data takes center stage. A tragic plane crash in South Korea claims 179 lives. Experts express optimism for companies like Palantir and Salesforce. A looming power supply crisis in the U.S. poses risks, with over half the country facing potential shortages this decade. The need for enhanced grid capabilities coincides with increased investment in artificial intelligence.
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Market Performance Year-to-Date
- The S&P 500 is up 25%, the Nasdaq is up 31%, and the Dow is up 14% for the year.
- Spot gold is up 27%, WTI crude is down 1.5%, natural gas is up 36%, copper is up 5%, and Bitcoin is up 112%.
Economic Data Releases
- This week's economic calendar includes data on U.S. manufacturing and the housing market.
- Releases include the Chicago PMI, pending home sales, S&P Case-Shiller Home Price Index, and construction spending.
FOMC Rate Cut Probability
- Standard Charter strategist Steve Englander discusses the likelihood of a January FOMC rate cut.
- He suggests weakness in December labor data could justify a cut, but the market only prices in an 11% chance.