Following two days of significant declines, the stock market exhibited a somewhat subdued performance on Tuesday. The major indexes experienced fluctuations, oscillating around the unchanged line throughout the trading session.
As it stands, the key averages are registering slight losses. The Dow Jones Industrial Average has dipped 66.32 points, or 0.2%, settling at 42,507.41. The Nasdaq Composite has fallen 68.29 points, or 0.4%, landing at 19,418.49, while the S&P 500 is down 13.19 points, or 0.2%, at 5,893.75.
The uneven trading activity on Wall Street can be attributed in part to numerous traders staying off their desks in anticipation of the New Year's Day holiday on Wednesday. Additionally, uncertainty surrounding the market outlook in the upcoming year, following recent episodes of volatility, may be causing traders to hesitate in making bold financial moves.
In recent weeks, stock values have experienced significant fluctuations following the Federal Reserve's recent projection suggesting fewer interest rate cuts in 2025.
Despite these fluctuations, the major averages are on track to close 2024 with noteworthy gains. The tech-centric Nasdaq has increased by nearly 30% over the year. The Dow Jones has also risen by 13% for the year, positioning the S&P 500 to potentially mark its second consecutive annual gain exceeding 20%.
**Sector Overview**
Reflective of the broader market's subdued activity, most major sectors have only experienced minor movements today. However, oil producer stocks have demonstrated notable strength, with the NYSE Arca Oil Index advancing by 1.3%.
This surge in oil stocks is attributed to the rise in crude oil prices for February delivery, which have jumped $0.78, or 1.1%, reaching $71.77 per barrel.
**International Markets**
In overseas markets, the Asia-Pacific region mostly experienced declines on Tuesday, with Japan and South Korea markets remaining closed. The Shanghai Composite Index in China dropped by 1.6%, while Australia's S&P/ASX 200 Index decreased by 0.9%.
In contrast, most European markets observed upward trends, despite the closure of several major markets. The French CAC 40 Index saw an increase of 0.9%, whereas the U.K.'s FTSE 100 Index rose by 0.6%.
**Bond Market**
In the bond market, treasuries displayed slight weakness following a significant rebound in the previous session. Consequently, the yield on the benchmark ten-year note, which inversely moves to its price, has risen by 3.0 basis points, now standing at 4.575%.
The material has been provided by InstaForex Company -
www.instaforex.com
