Investing.com — The S&P 500 index fell on Monday as investors appeared to be taking some profits in stocks as a good year comes to an end.
By 14:05 ET (19:05 GMT), the index was down 259 points, or 0.6%, the index was trading 0.7% lower and the index was down 0.7%.
Still, despite these losses, the major averages should close 2024 near record highs, with the S&P 500 and DJIA up more than 23% and 14%, respectively, and on track for their best year since 2021. The Nasdaq is up about 30%.
Benchmarks are also heading for a winning fourth quarter, following Donald Trump’s election victory, with the Nasdaq posting its longest three-month winning streak since the second quarter of 2021.
Fed will cut in March – Goldman
Economic data showed an increase for November, but a weaker than expected print for December.
Later in the week, investors will scrutinize the Institute for Supply Management’s December survey and weekly report on , ahead of a key report due next week.
Goldman Sachs predicts its next rate cut of 25 basis points will take place in March 2025.
The bank said in a note on Friday that the move is expected to be followed by two additional cuts of the same size in June and September.
“We expect the Fed to make its next 25bp cut in March followed by two more 25bp cuts in June and September to a terminal rate range of 3.5-3.75%,” the bank wrote.
Goldman also predicts the Fed will slow balance sheet outflows in January 2025 and stop them entirely by the second quarter.
Boeing fell after South Korea slump
Shares of Boeing (NYSE: ) fell more than 1% after a devastating plane crash in South Korea that claimed the lives of 179 people on Sunday when a passenger plane crashed on landing at Muan International Airport.
The plane, a Boeing 737-800, skidded off the runway, crashed into a wall and burst into flames, making it the deadliest aviation disaster in the country’s history.
Rough heads for annual losses
Crude oil prices rose on Monday in light trade influenced by the holiday at the start of the last week of the year.
Both benchmarks are on track for big losses in 2024, with the WTI contract down about 1% and more than 3.5% lower year-to-date, largely on concerns about slowing demand in China, the world’s top oil importer.
