The U.S. stock market closed 2024 on a high note, even though it stumbled slightly on the year's final trading day. Here's a breakdown of the highlights:

Performance Overview

• S&P 500: Dropped 0.4% on Tuesday but closed the year with a remarkable 23% annual gain.
• NASDAQ Composite: Fell 0.9% on the last day, though it led the year with a 28.6% gain, primarily driven by the AI boom.
• Dow Jones Industrial Average: Declined 0.1%, ending the year with a 12.9% increase, showcasing stability compared to tech-heavy indexes.

Key Stocks in Focus

• Tesla (NASDAQ:TSLA): Despite positive news of its Shanghai energy storage gigafactory entering trial production, Tesla shares dropped 3.2% amid broader market softness.
• United States Steel Corp (USSX34): Shares surged 9%, fueled by Nippon Steel's $14.9 billion acquisition offer, which included a pledge to protect U.S. production capacity.
• Boeing (NYSE:BA): Closed marginally lower following a tragic air accident in South Korea.

Economic Data on the Horizon

Investors await key economic updates, including:

• The ISM Manufacturing Activity Report for December.
• Weekly jobless claims data.
• The following week's employment report, providing insights into labor market conditions.

Big Picture for 2024

Fueled by AI advancements and moderating interest rate hikes, U.S. equities logged a stellar year. However, the rally fizzled in December amid profit-taking and concerns over economic headwinds, including geopolitical uncertainty and Federal Reserve policy adjustments.

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