S&P 500 slides from record as 2024’s relentless rally takes a pause: Live updates
A trader works on the floor of the New York Stock Exchange (NYSE) at the opening bell on November 26, 2024, in New York City.
Michael M. Santiago | Getty Images News | Getty Images
Stocks slipped Tuesday, taking a breather following a major rally that has taken U.S. benchmarks to record levels.
The S&P 500 slid 0.1%, while the Nasdaq Composite slipped slightly below the flatline. The Dow Jones Industrial Average fell 65 points, or 0.2%.
Both the S&P 500 and Nasdaq hit new record highs on Monday, adding to their strong postelection gains. Since the Nov. 5 vote, the S&P 500 has climbed 4.6%, and the Nasdaq has rallied 5.2%. The Dow is up 6% since then, and is trading near the key 45,000 level.
“When the market is up 10% or more with a newly elected President, it has never gone down in the month of December,” said Ken Mahoney, CEO of Mahoney Asset Management.
But Mahoney cautioned this doesn’t mean that stocks will soar in December, since November was the best month of the year for the market. During the last trading day of November, the Dow and the S&P reached new intraday and closing highs, leading both indexes to post their best months of 2024. The Dow added 7.5%, while the S&P 500 gained 5.7% last month.
“But there’s still enough demand for stocks, because I do think there’s a fair amount of money that’s coming up the sidelines post election,” he added.
Economic data released on Tuesday morning showed that job openings were higher in October compared to September. Job openings hit a total of 7.74 million last month, topping the Dow Jones estimate of 7.5 million.
This was the first in a salvo of data releases expected this week that can provide insight into the strength of the labor market. The main event will be Friday’s November payrolls report.
The data arrives ahead of the Federal Reserve’s policy meeting on Dec. 17-18. Fed funds futures are currently pricing in a nearly 73% probability that the central bank lowers interest rates during its policy gathering, according to CME’s FedWatch Tool.
Traders will also monitor Tuesday speeches from Fed Governor Adriana Kugler and Chicago Fed President Austan Goolsbee slated for the afternoon.
