Wall Street closed up last week as investors considered the bevy of executive orders issued by President-elect Donald Trump during his first week in office. Each of the benchmark indexes listed here ended the week higher, led by the Global Dow and the Dow. Communication services, health care, and industrials outperformed among the market sectors, while energy lagged. Ten-year Treasury yields ticked higher. Crude oil prices dropped nearly 4.5%, the largest weekly decline since November. The dollar index extended its decline to a one-month low. Gold reached its highest level since October.
With the U.S. stock market closed last Monday in observance of Martin Luther King Jr. Day, investors had a little extra time to consider the impact of President Trump’s moves after his first day in office. Market gains were broad-based, with health care and industrials leading the sectors. Each of the benchmark indexes listed here advanced, led by the Russell 2000, which gained 1.9%. The Dow moved up 1.2%, followed by the S%P 500 (0.9%), while the NASDAQ and the Global Dow each advanced 0.6%. Ten-year Treasury yields slipped to 4.57%. Crude oil prices declined 2.3% to close at about $76.09 per barrel. The dollar fell 1.3%, while gold prices rose 0.2%.
Stocks continued to rally last Wednesday. The NASDAQ gained 1.3%, the S&P 500 rose 0.6%, the Dow rose 0.3%, and the Global Dow edged up 0.1%. The Russell 2000 declined 0.6%. Yields on 10-year Treasuries ticked up to 4.59%. Crude oil prices fell 0.6% to $75.41 per barrel. The dollar index moved up 0.2%, and gold prices climbed 0.3%.
Each of the benchmark indexes listed here posted solid gains last Thursday, with the S&P 500 (0.5%) reaching its first record high of 2025. The Dow added 0.9%, the Global Dow rose 0.8%, the Russell 2000 advanced 0.5%, and the NASDAQ gained 0.2%. The yield on 10-year Treasuries climbed to 4.63%. Crude oil prices fell again, closing at $74.28 per barrel. The dollar and gold prices edged lower.
The rally for stocks stalled last Friday as tech shares struggled. Among the benchmark indexes listed here, only the Global Dow (1.3%) was able to tick higher. The NASDAQ (-0.5%) fell the furthest, while the Dow, the S&P 500, and the Russell 2000 each declined 0.3%. The decline in crude oil prices continued, ten-year Treasury yields fell to 4.62%, the dollar slumped, while gold prices rose 0.5%.
Stock Market Indexes
Market/Index
2024 Close
Prior Week
As of 1/24
Weekly Change
YTD Change
DJIA
42,544.22
43,487.83
44,424.25
2.15%
4.42%
NASDAQ
19,310.79
19,630.20
19,954.30
1.65%
3.33%
S&P 500
5,881.63
5,996.66
6,101.24
1.74%
3.73%
Russell 2000
2,230.16
2,275.88
2,307.74
1.40%
3.48%
Global Dow
4,863.01
4,951.44
5,062.76
2.25%
4.11%
fed. funds target rate
4.25%-4.50%
4.25%-4.50%
4.25%-4.50%
0 bps
0 bps
10-year Treasuries
4.57%
4.60%
4.62%
2 bps
5 bps
US Dollar-DXY
108.44
109.39
107.44
-1.78%
-0.92%
Crude Oil-CL=F
$71.76
$77.99
$74.56
-4.40%
3.90%
Gold-GC=F
$2,638.50
$2,739.60
$2,778.70
1.43%
5.31%
Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.
Last Week’s Economic News
Sales of existing homes rose 2.2% in December, the strongest pace since February 2024. Year over year, sales increased 9.3%. Total inventory sat at a 3.3-month supply at the current sales pace. The median existing home price was $404,400 in December, unchanged from the November figure but 6.0% above the December 2023 estimate. Single-family home sales advanced 1.9% in December and were up 10.1% from a year ago. The median existing single-family home price was $409,300 in December, marginally ahead of the November rate, and up 6.1% from December 2023. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.96% as of January 23. That’s down from 7.04% one week ago but up from 6.69% one year ago.
The national average retail price for regular gasoline was $3.109 per gallon on January 20, $0.066 per gallon above the prior week’s price and $0.047 per gallon higher than a year ago. Also, as of January 20, the East Coast price climbed $0.071 to $3.069 per gallon; the Midwest price increased $0.086 to $2.985 per gallon; the Gulf Coast price rose $0.026 to $2.691 per gallon; the Rocky Mountain price advanced $0.032 to $2.911 per gallon; and the West Coast price increased $0.061 to $3.871 per gallon.
For the week ended January 18, there were 223,000 new claims for unemployment insurance, an increase of 6,000 from the previous week’s level. According to the Department of Labor, the advance rate for insured unemployment claims for the week ended January 11 was 1.2%. The advance number of those receiving unemployment insurance benefits during the week ended January 11 was 1,899,000, an increase of 46,000 from the previous week’s level, which was revised down by 6,000. This is the highest level for insured unemployment since November 13, 2021, when it was 1,974,000. States and territories with the highest insured unemployment rates for the week ended January 4 were Rhode Island (3.2%), New Jersey (3.1%), Minnesota (2.7%), Washington (2.5%), Illinois (2.4%), Massachusetts (2.4%), California (2.3%), Connecticut (2.2%), Montana (2.2%), and Pennsylvania (2.2%). The largest increases in initial claims for unemployment insurance for the week ended January 11 were in Michigan (+14,985), California (+12,731), Texas (+11,439), Illinois (+5,634), and Missouri (+4,845), while the largest decreases were in New York (-15,396), Washington (-3,877), Wisconsin (-3,830), Oregon (-2,954), and Minnesota (-2,046).
Eye on the Week Ahead
The Federal Open Market Committee meets for the first time this year, when the Committee is expected to keep the federal funds rate range at its current 4.25%-4.50%. Investors will be paying particular attention to any indications from the Fed of future interest rate decreases. An inflation indicator favored by the Fed is the personal consumption expenditures price index, which is out this week for December. Also available is the first iteration of gross domestic product for the fourth quarter of 2024.
Stocks closed higher last week, despite a few shaky days. Each of the benchmark indexes listed here posted gains, led by the Russell 2000 and the Dow. Consumer discretionary stocks outperformed along with energy, financials, materials, and industrials. Investor sentiment improved following favorable inflation data and solid earnings from major banks. Crude oil prices increased for the fourth straight week, primarily driven by concerns of new U.S. sanctions against Russian oil producers, which raised worries of tighter global oil supplies. The dollar index declined, snapping a six-week rally.
The week kicked off with stocks closing mostly higher with the exception of tech shares, which lagged. The Dow led the benchmark indexes listed here, gaining 0.9% followed by the Global Dow (0.3%), the S&P 500 (0.2%), and the Russell 2000 (0.1%). The NASDAQ edged down 0.4%. The yield on 10-year Treasuries reached its highest level since late 2023, settling at 4.80%. Crude oil prices continued the prior week’s surge, climbing to $78.71 per barrel, the highest rate in more than four months. The dollar inched up 0.2%, while gold prices fell 1.3%.
Stocks closed last Tuesday mixed, with the Russell 2000 (1.1%), the Global Dow (0.5%), and the Dow (0.5%) leading the benchmark indexes listed herek while the S&P 500 edged up 0.1%. The NASDAQ fell 0.2% as some megacaps declined. Ten-year Treasury yields slid to 4.78%. Crude oil prices declined 1.3% to $77.76 per barrel. The dollar dropped 0.7%, while gold prices rose 0.4%.
Wall Street enjoyed the biggest daily gains in over two months last Wednesday on the heels of strong bank earnings and moderating core inflation growth (see below). The NASDAQ, which had been floundering, gained 2.5%. The Russell 2000 followed a solid performance the previous day by gaining 2.0% on Wednesday. The S&P 500 added 1.8%. The Dow rose 1.7%, and the Global Dow gained 1.4%. With rising stock values, bond prices also advanced, pulling yields lower. Ten-year Treasury yields fell 13.5 basis points to 4.65%. Crude oil prices climbed to $80.48 per barrel, the highest price since August. The dollar ticked lower, while gold prices rose 1.4%.
Stocks closed mostly lower last Thursday. Shares of big tech companies receded, dragging the market lower. The NASDAQ fell 0.9%. The S&P 500 saw its three-day rally end after declining 0.2%. The Dow slid 0.2%. The Global Dow (0.4%) and the Russell 2000 (0.2%) moved higher. Ten-year Treasury yields continued their two-day slide, falling to 4.60%. Crude oil prices fell 1.6%, settling at $78.77 per barrel. The dollar slipped 0.1%, while gold prices gained 1.1%.
Tech shares rebounded at the end of the week, helping to push most stocks higher last Friday. The NASDAQ gained 1.5%, followed by the S&P 500 (1.0%), the Dow (0.8%), the Global Dow (0.6%), and the Russell 2000 (0.4%). Ten-year Treasury yields were flat. Crude oil prices fell for the second straight day, declining 0.8%. The dollar gained 0.4%, while gold prices dipped 0.5%.
Stock Market Indexes
Market/Index
2024 Close
Prior Week
As of 1/17
Weekly Change
YTD Change
DJIA
42,544.22
41,938.45
43,487.83
3.69%
2.22%
NASDAQ
19,310.79
19,161.63
19,630.20
2.45%
1.65%
S&P 500
5,881.63
5,827.04
5,996.66
2.91%
1.96%
Russell 2000
2,230.16
2,189.23
2,275.88
3.96%
2.05%
Global Dow
4,863.01
4,801.42
4,951.44
3.12%
1.82%
fed. funds target rate
4.25%-4.50%
4.25%-4.50%
4.25%-4.50%
0 bps
0 bps
10-year Treasuries
4.57%
4.77%
4.60%
-17 bps
3 bps
US Dollar-DXY
108.44
109.65
109.39
-0.24%
0.88%
Crude Oil-CL=F
$71.76
$76.65
$77.99
1.75%
8.68%
Gold-GC=F
$2,638.50
$2,717.10
$2,739.60
0.83%
3.83%
Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.
Last Week’s Economic News
The Consumer Price Index (CPI) increased 0.4% in December, in line with expectations but up from a 0.3% advance in November. Energy prices rose 2.6% last month, accounting for over 40% of the overall increase in the CPI. Food prices also increased in December, rising 0.3%. Prices less food and energy rose 0.2% in December, down from November’s 0.3% increase. Price indexes that increased in December include shelter, airline fares, used cars and trucks, new vehicles, motor vehicle insurance, and medical care. The indexes for personal care, communication, and alcoholic beverages were among the few major indexes that decreased over the month. The CPI rose 2.9% over the 12 months ended in December after increasing 2.7% over the 12 months ended in November. Prices less food and energy rose 3.2% over the last 12 months. Energy prices decreased 0.5% for the 12 months ended in December. Food prices increased 2.5% over the last year.
Prices at the producer level rose a less-than-expected 0.2% in December. Producer prices rose 0.4% in November. Producer prices rose 3.3% in 2024 after increasing 1.1% in 2023. The December increase was attributed to a 0.6% jump in prices for goods. Prices for services were unchanged after rising 0.3% in November. Last month, energy prices increased 3.5%, while prices for foods ticked down 0.1%.
Retail sales rose 0.4% in December and were up 3.9% since December 2023. Year to date, retail sales were up 3.0%. Retail trade sales were up 0.6% in December and rose 4.2% from last year. Motor vehicle and parts dealers sales were up 8.4% over the last 12 months, while nonstore (online) retailer sales were up 6.0% from December 2023.
Import prices ticked up 0.1% in December for the third straight month. Import prices advanced 2.2% over the past 12 months, the largest 12-month increase since the period ended December 2022. Import fuel rose 1.4% in December, the largest monthly advance since the index increased 3.9% in April 2024. Import fuel prices rose 0.3% over the past 12 months, the first yearly increase since the 12-month period ended July 2024. Import prices excluding fuel inched up 0.1% last month and have not decreased on a monthly basis since May 2024.
Industrial production (IP) increased 0.9% in December after moving up 0.2% in November. In December, gains in the output of aircraft and parts contributed 0.2 percentage point to overall IP growth following the resolution of a work stoppage at a major aircraft manufacturer. Manufacturing output rose 0.6% after gaining 0.4% in November. The indexes for mining and utilities climbed 1.8% and 2.1%, respectively, in December. From December 2023, industrial production was 0.5% above its year-earlier level.
The U.S. Treasury budget deficit was $86.7 billion in December, well below the November deficit of $366.8 billion and under the December 2023 deficit of $129.4 billion. Last month, government receipts were $454.4 billion of which $212.0 billion was attributable to individual income taxes. December outlays totaled $541.1 billion with the biggest contributor being Social Security payments ($124.0 billion). For the fiscal year, which began in October, the deficit was $710.9 billion, about $200.0 billion above the deficit over the comparable period last fiscal year.
The housing sector saw a dip in new home construction in December. The number of issued building permits fell 0.7% for the month and was 3.1% below the December 2023 rate. However, building permits for single-family homes increased 1.6% in December. For 2024, the number of issued building permits were 2.6% below the 2023 figure. Housing starts rose 15.8% last month but were 4.4% under the December 2023 figure. Housing starts for single-family homes ended December 3.3% over the November rate. For the year, housing starts were 3.9% below the prior year’s total. Housing completions declined 4.8% in December and 0.8% under the December 2023 total. The number of single-family home completions was 7.4% below the November rate. In 2024, total home completions were 12.4% above the 2023 pace.
The national average retail price for regular gasoline was $3.043 per gallon on January 13, $0.004 per gallon below the prior week’s price and $0.015 per gallon less than a year ago. Also, as of January 13, the East Coast price climbed $0.008 to $2.998 per gallon; the Midwest price decreased $0.039 to $2.899 per gallon; the Gulf Coast price rose $0.010 to $2.665 per gallon; the Rocky Mountain price fell $0.020 to $2.879 per gallon; and the West Coast price increased $0.017 to $3.810 per gallon.
For the week ended January 11, there were 217,000 new claims for unemployment insurance, an increase of 14,000 from the previous week’s level, which was revised up by 2,000. According to the Department of Labor, the advance rate for insured unemployment claims for the week ended January 4 was 1.2%. The advance number of those receiving unemployment insurance benefits during the week ended January 4 was 1,859,000, a decrease of 18,000 from the previous week’s level, which was revised up by 10,000. States and territories with the highest insured unemployment rates for the week ended December 28 were New Jersey (2.9%), Rhode Island (2.9%), Minnesota (2.8%), Washington (2.5%), Massachusetts (2.3%), California (2.2%), Connecticut (2.2%), Illinois (2.2%), Alaska (2.1%), Montana (2.1%), and Pennsylvania (2.1%). The largest increases in initial claims for unemployment insurance for the week ended January 4 were in New York (+22,233), Georgia (+7,636), Texas (+5,812), South Carolina (+2,844), and Oregon (+2,567), while the largest decreases were in Michigan (-7,040), New Jersey (-4,683), Massachusetts (-4,201), Connecticut (-3,749), and Iowa (-3,555).
Eye on the Week Ahead
The holiday-shortened week includes one economic report of note: the December data on sales of existing homes. November saw sales increase 4.8% for the month and 2.6% over the last 12 months.
Stocks fell sharply last week as favorable economic data furthered sentiment that the Federal Reserve would keep interest rates elevated for a longer period of time this year. Each of the benchmark indexes lost value with only energy and health care advancing, while the remaining market sectors ended the week in the red. Crude oil prices rose to levels not seen since October as new sanctions against Russia’s oil sector raised concerns of global supply disruptions. Ten-year Treasury yields ended the week at their highest levels in 14 months. The dollar index closed at its strongest rate since 2022. Gold prices climbed above $2,700.00 per ounce, extending gains for the fourth straight session.
A tech rally boosted the NASDAQ (1.2%) and the S&P 500 (0.6%) last Monday. The Global Dow gained 0.5%, while the Dow and the Russell 2000 each fell 0.1%. Ten-year Treasury yields closed the session at 4.61%. The surge in crude oil prices ended with prices tumbling 0.7% to $73.48 per barrel. The dollar lost 0.6%, while gold prices fell 0.3%.
The prior day’s tech rally proved short-lived as stocks tumbled last Tuesday. The NASDAQ fell 1.9%, followed by the S&P 500 (-1.1%), the Russell 2000 (-0.7%), the Dow (-0.4%), and the Global Dow (-0.3%). Investors may have surmised that favorable economic conditions will support fewer interest rate cuts, which dragged stocks lower, but sent bond yields higher. Ten-year Treasury yields closed at 4.68% after gaining 6.5 basis points. Crude oil prices rose 0.9% to $74.25 per barrel. The dollar advanced 0.4%, and gold prices rose 0.7%.
Stocks closed mixed last Wednesday as the Dow (0.3%) and the S&P 500 (0.2%) advanced, while the Russell 2000 (-0.5%), the Global Dow (-0.2%), and the NASDAQ (-0.1%) edged lower. Ten-year Treasury yields closed the session at 4.69%, near their highest level since 2008. Crude oil prices fell 1.3% to $73.30 per barrel. The dollar (0.4%) and gold prices (0.6%) climbed higher.
The U.S. stock market and the Nasdaq stock exchange were closed last Thursday, which was declared a national day of mourning for deceased President Jimmy Carter.
Wall Street took a tumble last Friday. A strong jobs report (see below) dampened hopes of more interest rate cuts by the Federal Reserve in 2025. The small caps of the Russell 2000 declined 2.2%. The Dow and the NASDAQ each lost 1.6%. The S&P 500 fell 1.5%, while the Global Dow dipped 1.3%. Ten-year Treasury yields rose to 4.77%, the dollar rose 0.4%, and gold prices increased 1.1%. Crude oil prices jumped 3.7%.
Stock Market Indexes
Market/Index
2024 Close
Prior Week
As of 1/10
Weekly Change
YTD Change
DJIA
42,544.22
42,732.13
41,938.45
-1.86%
-1.42%
NASDAQ
19,310.79
19,621.68
19,161.63
-2.34%
-0.77%
S&P 500
5,881.63
5,942.47
5,827.04
-1.94%
-0.93%
Russell 2000
2,230.16
2,268.47
2,189.23
-3.49%
-1.84%
Global Dow
4,863.01
4,868.29
4,801.42
-1.37%
-1.27%
fed. funds target rate
4.25%-4.50%
4.25%-4.50%
4.25%-4.50%
0 bps
0 bps
10-year Treasuries
4.57%
4.60%
4.77%
17 bps
20 bps
US Dollar-DXY
108.44
108.92
109.65
0.67%
1.12%
Crude Oil-CL=F
$71.76
$74.00
$76.65
3.58%
6.81%
Gold-GC=F
$2,638.50
$2,650.70
$2,717.10
2.50%
2.98%
Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.
Last Week’s Economic News
Employment rose by 256,000 in December, well above the 2024 average monthly gain of 186,000. In December, employment trended up in health care, government, and social assistance. Retail trade added jobs in December following a job loss in November. Employment for October was revised up by 7,000 to 43,000 but was revised down in November by 15,000 to 212,000. With these revisions, employment in October and November combined was 8,000 lower than previously reported. Employment rose by 2.2 million in 2024, down from 3.0 million in the previous year. The total number of unemployed in December was 6.9 million, a reduction of 235,000 from the November total. The unemployment rate ticked down 0.1 percentage point to 4.1%. After increasing earlier in the year, the unemployment rate has been either 4.1% or 4.2% for the past seven months. In December, the number of long-term unemployed (those jobless for 27 weeks or more) declined by 103,000 to 1.6 million but was up by 278,000 from a year earlier. The labor force participation rate was unchanged at 62.5%, while the employment-population ratio rose 0.2 percentage point to 60.0%. In December, average hourly earnings rose by $0.10, or 0.3%, to $35.69. Over the past 12 months, average hourly earnings have increased by 3.9%. The average workweek was 34.3 hours for the fifth month in a row.
The S&P Global US Services PMI® Business Activity Index reached a 33-month high of 56.8 in December following a reading of 56.1 in November. According to a survey of purchasing managers by S&P Global, the services sector saw a strengthening in business activity and new orders in December as customers showed a greater willingness to spend following the results of the presidential election. With the number of orders growing, companies increased employment for the first time in five months. Meanwhile, cost inflation eased to the slowest pace in almost a year, with charges rising only modestly.
The goods and services trade deficit report, released January 7, was for November 2024 and revealed the trade deficit was $78.1 billion, 6.2% above the October deficit. November exports were $273.4 billion, 2.7% more than October exports. November imports were $351.6 billion, 3.4% more than October imports. Year to date, the goods and services deficit increased $93.9 billion, or 13.0%, from the same period in 2023. Exports increased $111.5 billion, or 4.0%. Imports increased $205.3 billion, or 5.8%.
According to the Job Openings and Labor Turnover Summary, the number of job openings was little changed at 8.1 million in November but was down by 833,000 from a year earlier. Job openings increased in professional and business services (+273,000), finance and insurance (+105,000), and private educational services (+38,000) but decreased in information (-89,000). The number of hires in November increased marginally at 5.3 million but was 300,000 under the November 2023 rate. The number of total separations in November was little changed at 5.1 million but was down by 287,000 over the year.
The national average retail price for regular gasoline was $3.047 per gallon on January 6, $0.041 per gallon below the prior week’s price but $0.026 per gallon less than a year ago. Also, as of January 6, the East Coast price climbed $0.034 to $2.990 per gallon; the Midwest price increased $0.063 to $2.938 per gallon; the Gulf Coast price rose $0.042 to $2.655 per gallon; the Rocky Mountain price advanced $0.018 to $2.899 per gallon; and the West Coast price increased $0.023 to $3.793 per gallon.
For the week ended January 4, there were 201,000 new claims for unemployment insurance, a decrease of 10,000 from the previous week’s level. This was the lowest level in 11 months. According to the Department of Labor, the advance rate for insured unemployment claims for the week ended December 28 was 1.2%. The advance number of those receiving unemployment insurance benefits during the week ended December 28 was 1,867,000, an increase of 33,000 from the previous week’s level, which was revised down by 10,000. States and territories with the highest insured unemployment rates for the week ended December 21 were New Jersey (2.4%), Rhode Island (2.3%), Minnesota (2.2%), Washington (2.2%), Alaska (2.0%), California (2.0%), Massachusetts (1.9%), Illinois (1.8%), Montana (1.8%), Nevada (1.7%), New York (1.7%), and Pennsylvania (1.7%). The largest increases in initial claims for unemployment insurance for the week ended December 28 were in Michigan (+7,881), New Jersey (+5,731), Pennsylvania (+5,319), Massachusetts (+3,611), and Connecticut (+3,348), while the largest decreases were in California (-9,263), Texas (-8,351), Florida (-1,691), North Carolina (-1,456), and Tennessee (-1,412).
Eye on the Week Ahead
There’s plenty of important economic data released this week. Most of the economic reports will cover December and include annual figures for 2024. Most investors will pay particular attention to the Consumer Price Index, the Producer Price Index, and the report on industrial production.
A rise in values last Friday wasn’t enough to prevent stocks from closing generally lower last week. Each of the benchmark indexes declined to start the new year, with the exception of the Russell 2000. Among the market sectors, only energy, utilities, real estate, and health care advanced, while consumer discretionary fell the furthest. Ten-year Treasury yields ended the week where they began. Crude oil prices reached a two-month high, driven by cold weather in Europe and the U.S. coupled with growing optimism over increasing Chinese demand. The dollar remained near its highest levels in two years as investors banked on continuing U.S. economic resilience and fewer interest rate cuts. Gold prices rose following a dip in prices the previous week.
Stocks closed lower for a third straight session last Monday to begin the final trading days of 2024. Tech shares, which had been the bellwether of the market all year, took a tumble, along with consumer staples, consumer discretionary, and communication services. The NASDAQ declined 1.2%, followed by the S&P 500 (-1.1%), the Dow (-1.0%), the Russell 2000 (-0.8%), and the Global Dow (-0.7%). Ten-year Treasury yields fell to 4.54%, a loss of 7.4 basis points. Crude oil prices gained 0.8% to close at $71.14 per barrel. The dollar ticked up 0.1%, while gold prices slid 0.4%.
Wall Street ended December and 2024 on a bit of a sour note. Megacaps declined for the second straight day, pulling stocks lower last Tuesday. The NASDAQ fell 0.9%, the S&P 500 lost 0.4%, and the Dow dipped 0.1%. The Russell 2000 and the Global Dow each edged up 0.1%. Crude oil prices continued to climb higher following news that China’s manufacturing activity grew in December for the third straight month. Yields on 10-year Treasuries ticked up 2.8 basis points to 4.57%. The dollar and gold prices advanced.
The first day of trading in the new year saw stocks get off to a rough start, continuing the slump that marked the end of 2024. Of the benchmark indexes listed here, only the Russell 2000 closed up, and that was by just 0.1%. The Dow fell 0.4%, the Global Dow declined 0.3%, the S&P 500 and the NASDAQ each ended the session down 0.2%. Ten-year Treasury yields remained at 4.57%. Crude oil prices continued to surge, gaining 2.0% to close at $73.12 per barrel. The dollar rose 0.7%, and gold prices advanced 1.1%.
Stocks closed higher last Friday, led by a surge in tech shares. The NASDAQ advanced 1.8% followed by the Russell 2000 (1.7%), the S&P 500 (1.3%), the Dow (0.8%), and the Global Dow (0.4%). Yields on 10-year Treasuries ticked up 0.2 basis points to settle at 4.59%. Crude oil prices rose for the fourth straight session, gaining 1.2%. The dollar and gold prices declined.
Stock Market Indexes
Market/Index
2024 Close
Prior Week
As of 1/3
Weekly Change
YTD Change
DJIA
42,544.22
42,992.21
42,732.13
-0.60%
0.44%
NASDAQ
19,310.79
19,722.03
19,621.68
-0.51%
1.61%
S&P 500
5,881.63
5,970.84
5,942.47
-0.48%
1.03%
Russell 2000
2,230.16
2,244.59
2,268.47
1.06%
1.72%
Global Dow
4,863.01
4,897.69
4,868.29
-0.60%
0.11%
fed. funds target rate
4.25%-4.50%
4.25%-4.50%
4.25%-4.50%
0 bps
0 bps
10-year Treasuries
4.57%
4.61%
4.60%
-1 bps
3 bps
US Dollar-DXY
108.44
108.02
108.92
0.83%
0.44%
Crude Oil-CL=F
$71.76
$70.28
$74.00
5.29%
3.12%
Gold-GC=F
$2,638.50
$2,632.50
$2,650.70
0.69%
0.46%
Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.
Last Week’s Economic News
According to the survey of purchasing managers by S&P Global, the manufacturing sector ended 2024 trending lower. After advancing in November, December saw a sharp reduction in new orders, while the rate of decline in production quickened. Business confidence waned and input costs to manufacturers rose sharply, prompting an increase in selling prices. One plus is that employment increased modestly for the second straight month. At 49.4, the S&P Global US Manufacturing Purchasing Managers’ Index™ fell from November’s rate of 49.7, indicating that manufacturing declined.
The national average retail price for regular gasoline was $3.006 per gallon on December 30, $0.018 per gallon below the prior week’s price and $0.083 per gallon less than a year ago. Also, as of December 30, the East Coast price ticked up $0.011 to $2.956 per gallon; the Midwest price decreased $0.060 to $2.875 per gallon; the Gulf Coast price slid $0.034 to $2.613 per gallon; the Rocky Mountain price fell $0.006 to $2.881 per gallon; and the West Coast price decreased $0.005 to $3.770 per gallon.
For the week ended December 28, there were 211,000 new claims for unemployment insurance, a decrease of 9,000 from the previous week’s level, which was revised up by 1,000. According to the Department of Labor, the advance rate for insured unemployment claims for the week ended December 21 was 1.2%, a decrease of 0.1 percentage point from the previous week’s rate. The advance number of those receiving unemployment insurance benefits during the week ended December 21 was 1,844,000, a decrease of 52,000 from the previous week’s level, which was revised down by 14,000. States and territories with the highest insured unemployment rates for the week ended December 14 were New Jersey (2.4%), California (2.2%), Minnesota (2.2%), Washington (2.2%), Alaska (2.1%), Rhode Island (2.1%), Illinois (2.0%), Massachusetts (1.9%), Montana (1.8%), Nevada (1.7%), New York (1.7%), and Pennsylvania (1.7%). The largest increases in initial claims for unemployment insurance for the week ended December 21 were in New Jersey (+4,085), Kentucky (+2,135), Missouri (+2,108), Connecticut (+2,088), and Tennessee (+2,018), while the largest decreases were in New York (-965), Florida (-883), West Virginia (-473), Minnesota (-368), and Kansas (-295).
Eye on the Week Ahead
Heading into the new year, all eyes will be on the December employment figures, released at the end of this week. Employment rose by 227,000 in November, although the unemployment rate ticked up 0.1 percentage point to 4.2%. The Federal Reserve pays particular attention to the jobs report as it relates to the Fed’s primary policy goals of full employment and 2.0% inflation. A favorable jobs report supports moderation in the timing of further interest rate reductions.
The year 2024 was extraordinary for the economy and the markets. High interest rates, rising unemployment, turmoil in the Middle East, and the ongoing Russia/Ukraine war, were some of the many factors that should have signaled economic contraction and a downturn in the stock market. Yet, the opposite occurred. Gross domestic product expanded by 3.1% in the third quarter and 2.9% year over year. Each of the major stock market indexes listed here posted solid year-end gains. Inflation came down. Corporate earnings grew, despite the unemployment rate inching higher.
While data showed price pressures slowed in 2024, consumers faced the stark reality of the overall high cost of living. According to the Consumer Price Index (CPI), prices for food rose 2.4% for the 12 months ended in November, while shelter prices rose 4.7%. Prices at the wholesale level rose 3.0% for the year, the largest increase since moving up 4.7% for the 12 months ended February 2023.
The economy grew in 2024, proving that it was able to withstand the Federal Reserve’s aggressive policy of interest rate hikes from the previous year. Consumer spending remained strong, despite rising unemployment, which provided a boost to the overall economy. In addition, increased nonresidential (business) spending, headed by cash-rich technology companies, and solid wage and income growth, all contributed to overall economic strength. However, economic conditions were at the top of consumer concerns throughout much of 2024, particularly in the context of the presidential election. Consumer sentiment drooped in December amid weaker assessments of the present situation, while short-term expectations for business and labor saw a sharp decline.
In March 2022, the Federal Reserve began to aggressively raise interest rates as part of a restrictive policy aimed at reining in escalating inflation. In 2023, there were signs that the Fed’s monetary policy was paying off. Price growth slowed without triggering a recession. In 2024, the CPI declined intermittently, moving from 3.1% in January to a low of 2.4% in September, before ticking higher to 2.7% in November, still above the Fed’s 2.0% target. The progress in moderating price pressures, coupled with economic resilience, allowed the Fed to lower interest rates by 100 basis points by the end of the year. Nevertheless, interest rate projections for 2025 were tempered as the Fed signaled only two rate cuts, depending on inflation and economic data.
The housing sector, which cooled in 2023 on the heels of higher interest rates, rebounded somewhat in 2024. Although the Fed reduced the federal funds rate, mortgage interest rates remained elevated. According to Bankrate, the 30-year fixed-rate mortgage was 7.03% as of December 30. That’s down from a high of 7.39% in May. With the Fed tempering its projections for interest rate cuts in 2025, the consensus is that mortgage rates will remain at or near their current levels. Purchase prices for both new and existing homes also increased year over year. Despite rising lending rates and higher home prices, both new and existing home sales rose over the course of the year.
The U.S. economy proved to be resilient in 2024. Gross domestic product expanded during each of the first three quarters of the year, culminating in a 3.1% advance in the third quarter. Consumer spending, the linchpin of the economy, also showed strength, climbing 3.7% in the third quarter. Consumer spending on both goods and services rose throughout the year.
The employment sector, expected by some to slow with rising interest rates, maintained strength throughout the year. While the number of new jobs trended lower during the second half of the year, job growth averaged 186,000 per month through November. The number of employed persons changed little from a year earlier. The total number of unemployed rose by 883,000 since November 2023, while the unemployment rate, at 4.2%, was 0.5 percentage point above the year-earlier rate.
One of the primary factors in the drop in overall inflation was a decline in energy prices. According to the CPI, energy prices fell 3.2% over the 12 months ended in November. Gasoline prices dropped 8.1% over the same period. Food prices, on the other hand, rose 2.4%, while prices for shelter increased 4.7%.
Total industrial production declined 0.9% for the year. Manufacturing, which accounts for about 78.0% of total production, decreased 1.0%. There was little optimism from purchasing managers about the state of the manufacturing sector, which saw falling output and higher prices. On the other hand, purchasing managers reported that the services sector expanded at the steepest rate in 33 months amid growing optimism about business conditions under the incoming Trump administration.
As 2024 drew to a close, there were some positives to consider upon entering the new year. By the end of 2024, Wall Street enjoyed the best two-year run since 1997-1998. If corporate earnings continue to grow, that would bode well for stocks in 2025. There are factors that will come into play next year, but how they impact the economy and markets is open to speculation. How much longer will the Russia/Ukraine war last, and how much more financial aid will be coming from the United States? The Hamas/Israel conflict could expand to include other countries, impacting other lives and economies.
Market/Index
2023 Close
As of 9/30
2024 Close
Month Change
Q4 Change
2024 Change
DJIA
37,689.54
42,330.15
42,544.22
-5.27%
0.51%
12.88%
Nasdaq
15,011.35
18,189.17
19,310.79
0.48%
6.17%
28.64%
S&P 500
4,769.83
5,762.48
5,881.63
-2.50%
2.07%
23.31%
Russell 2000
2,027.07
2,229.97
2,230.16
-8.40%
0.01%
10.02%
Global Dow
4,355.28
5,029.62
4,863.01
-3.06%
-3.31%
11.66%
fed. funds target rate
5.25%-5.50%
4.75%-5.00%
4.25%-4.50%
-25 bps
-50 bps
-100 bps
10-year Treasuries
3.86%
3.80%
4.57%
40 bps
77 bps
71 bps
US Dollar-DXY
101.39
100.75
108.44
2.55%
7.63%
6.95%
Crude Oil-CL=F
$71.30
$68.35
$71.76
5.53%
4.99%
0.65%
Gold-GC=F
$2,072.50
$2,654.60
$2,638.50
-0.70%
-0.61%
27.31%
Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.
Snapshot 2024
The Markets
Equities: Stocks began 2024 on a positive note and ended the year trending higher. Throughout the year, Wall Street bucked analysts’ predictions. Higher interest rates and rising unemployment didn’t deter investors from seeking equities. Despite rising global tensions, the economy proved resilient, corporate profits rose, and the once anticipated economic recession never materialized. New innovations and the growth of AI spurred technology stocks in 2024, with megacaps and artificial intelligence shares leading the charge. Foreign investment in U.S. securities reached a record high of over $30.0 trillion. Each of the benchmark indexes listed here closed 2024 much higher compared to 2023, with the NASDAQ, the S&P 500, and the Dow each hitting record highs. Stocks got an additional boost in September when the Federal Reserve began lowering its policy rate for the first time since 2020. The November election of former President Donald Trump also provided traders with guarded optimism that taxes will be lowered and less regulation will further spur corporate profits. In 2024, each of the 11 market sectors ended the year in the black. Information technology and communication services gained more than 40.0%, while shares in consumer discretionary and financials advanced more than 30.0%.
Bonds: While growth in the stock market was fairly consistent this year, the same can’t be said for the bond market. Throughout most of 2024, U.S. bond yields fluctuated appreciably. Bond prices declined over the first four months of the year as bond yields rose. Global tensions and a shift in Federal Reserve policy influenced the bond market. By the end of 2024, over $600.0 billion was invested in the global bond market as investors locked in some of the highest yields in decades ahead of uncertainties likely in 2025. Ten-year Treasury yields rose higher until May, when they began trending downward, reaching a low mark in September. However, the results of November’s election pushed yields higher as investors anticipated proposed tariffs and tax cuts to increase government spending. Heading into the new year, bond investors will continue to assess the Federal Reserve’s implication that it is strongly considering a slowdown in the reduction of interest rates. The two-year Treasury note hovered around 4.36% at the end of 2024, which saw yields range from 3.51% to 5.05% during the year.
Oil: Crude oil prices were heavily influenced by Chinese demand and tensions in the Middle East. West Texas Intermediate (WTI) crude oil prices began the year at about $80.00 per barrel, then rode a wave of volatility throughout 2024. After peaking at about $87.00 per barrel in early April, crude oil prices experienced a range of price swings, falling as low as $65.75 per barrel in September, to ultimately settle at around $71.00 per barrel by the end of December. Chinese demand underwhelmed for much of the year, despite several government-backed stimulus packages aimed at spurring the economy. Tensions in the Middle East escalated during the year, leading to fears of oil-supply disruptions. Heading into 2025, some forecasters expect the hands-off policies espoused by the new administration may lead to U.S. production growth.
Prices at the pump trended higher during the first half of the year, then slid lower through December, largely responding to changes in global economics, supply and demand, and other extraordinary factors attributable to the unrest in the Middle East. The average retail price for a gallon of regular gasoline was $3.089 at the beginning of the year. By the end of June, the price had risen to $3.438 per gallon, then steadily declined for the remainder of the year to an average price of $3.024 on December 23.
FOMC/interest rates: The target range for the federal funds rate began the year at 5.25%-5.50% following several interest rate increases by the Federal Open Market Committee (FOMC) in 2023. The Committee, in its battle to reduce inflation and maximize employment, did not adjust the federal funds rate during the first half of 2024, noting the uncertainty of the economy and ongoing risks of inflation. However, in September, the FOMC cut rates by 50.0 basis points and followed that reduction with two more 25.0-basis point reductions through December, lowering the federal funds rate by 100.0 basis points for the year. While price pressures have moderated since early 2022, the rate of inflation has remained stubbornly above the Fed’s 2.0% target, hovering between an annual rate of 2.4% (PCE price index) and 2.7% (CPI). The FOMC proffered a more cautious tone in predicting rate adjustments in 2025, projecting two 25.0-basis-point reductions.
US Dollar-DXY: The U.S. Dollar Index had a solid year against a basket of currencies, rising from an initial value of about 102.20 to a tad over 108.00 by the end of December, hitting its highest level since 2022. During the first half of the year, rising prices and higher interest rates attracted investors seeking higher returns, increasing the demand for the dollar. When the Fed reduced interest rates, the dollar slid lower. The results of the presidential election drove the dollar higher following three months of weakening. Almost every major currency lost value against the dollar this year. The anticipated deregulation of business and tax cuts are expected to enhance the dollar’s value even further in 2025.
Gold: Gold prices enjoyed noteworthy gains in 2024, moving from around $2,000 per ounce, to a peak of nearly $2,800 per ounce in November, before settling at around $2,600 per ounce by the end of the year. Gold reached a number record high prices throughout the year. Factors that helped gold prices advance in 2024 include several interest rate cuts, political instability in Eastern Europe, a conflict in the Middle East, and uncertainty in various foreign financial markets.
Last Month’s Economic News
Employment: Job growth was stronger than expected in November, with the addition of 227,000 new jobs after adding only 36,000 new jobs in October. Monthly job growth has averaged 186,000 over the prior 12 months, compared with 255,000 per month in 2023. In November, the unemployment rate increased 0.1 percentage point to 4.2% and has remained in the range of 3.7%-4.3% for the year. The number of unemployed persons edged up 161,000 from October to 7.1 million. In November, the number of long-term unemployed (those jobless for 27 weeks or more) changed minimally at 1.7 million. These individuals accounted for 23.2% of all unemployed persons. The labor force participation rate inched down 0.1 percentage point to 62.5% in November (62.8% at the end of 2023). The employment-population ratio decreased 0.2 percentage point to 59.8% in November (60.4% in November 2023). In November, average hourly earnings increased by $0.13 to $35.61. Over the past 12 months ended in November, average hourly earnings rose by 4.0% (average hourly earnings were $34.23, up 4.1% in 2023). The average workweek increased by 0.1 hour to 34.3 hours in November, the same as in November 2023.
There were 219,000 initial claims for unemployment insurance for the week ended December 21, 2024. During the same period, the total number of workers receiving unemployment insurance was 1,910,000. Over the course of the year, initial weekly claims gradually moved higher, peaking in November. A year ago, there were 213,000 initial claims, while the total number of workers receiving unemployment insurance was 1,817,000.
FOMC/interest rates: As expected, the Federal Open Market Committee reduced the target range for the federal funds rate by 25.0 basis points to the current 4.25%-4.50% following its meeting in December. In arriving at its decision, the Committee noted that economic activity has moved at a solid pace and the labor market has generally eased, while the unemployment rate remained low. Inflation, while it had eased, remained somewhat elevated. As to future policy actions, the FOMC stated that “the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks.” In addition, “the Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals.” Projections for the federal funds rate indicate the possibility of two 25.0-basis-point rate decreases in 2025, fewer than previously anticipated.
GDP/budget: The economy, as measured by gross domestic product, accelerated at an annualized rate of 3.1% in the third quarter, following increases of 1.6% in the first quarter and 3.0% in the second quarter. A year ago, GDP expanded at an annualized rate of 4.4% in the third quarter and 2.9% for 2023. Consumer spending, as measured by the personal consumption expenditures index, rose 3.7% in the third quarter, higher than in the second quarter (2.8%) and above the 2023 pace of 2.5%. Spending on services rose 2.8% in the third quarter, compared with a 2.7% increase in the second quarter. Consumer spending on goods increased 5.6% in the third quarter (3.0% in the second quarter). Fixed investment advanced 2.1% in the third quarter (2.3% in the second quarter). Nonresidential (business) fixed investment rose 4.0% in the third quarter, 0.1 percentage point above the rate in the second quarter. Residential fixed investment declined 4.3% in the third quarter following a 2.8% decrease in the second quarter. Exports rose 9.6% in the third quarter, compared with a 1.0% increase in the previous quarter. Imports, which are a negative in the calculation of GDP, advanced 10.7% in the third quarter after rising 7.6% in the second quarter. Consumer prices increased 1.5% in the third quarter (2.5% in the second quarter). Excluding food and energy, consumer prices advanced 2.2% in the third quarter (2.8% in the second quarter).
November 2024 saw the federal budget deficit come in at $366.8 billion, up roughly $52.8 billion over the deficit from a year earlier. The deficit for the first two months of fiscal year 2025, at $624.2 billion, is $243.6 billion higher than the first two months of the previous fiscal year. For fiscal year 2024, which ended September 2024, the government deficit was $1.8 trillion, which was $137.6 billion above the government deficit for fiscal year 2023. For fiscal year 2024, government outlays increased $617.0 billion, while government receipts increased $480.0 billion. Individual income tax receipts rose by roughly $250.0 billion, and corporate income tax receipts increased by $110.0 billion.
Inflation/consumer spending: According to the latest Personal Income and Outlays report, personal income and disposable personal income each rose 0.3% in November after both increased 0.7% in October. Consumer spending advanced 0.4% in November after increasing 0.3% the previous month. Consumer prices inched up 0.1% in November after being unchanged in October. Excluding food and energy (core prices), prices rose 0.1% in November, 0.2 percentage point less than the monthly increase in October. Consumer prices rose 2.4% since November 2023, while core prices increased 2.8%.
The Consumer Price Index rose 0.3% in November after ticking up 0.2% in October. Over the 12 months ended in November, the CPI rose 2.7%, up from 2.6% in October. Excluding food and energy prices, the CPI rose 0.3% in November and 3.3% for the year ended in November, unchanged from the 12-month period ended in October. Costs for services remain elevated, despite a dip lower in November. Prices for both energy and food increased 0.2% in November. Prices for shelter rose 0.3% in November, accounting for nearly 40% of the overall monthly CPI advance. For the 12 months ended in November, energy prices decreased 3.2%, while food prices rose 2.4% and shelter prices advanced 4.7%. Gasoline prices dropped 8.1% over the last 12 months, while fuel oil prices fell 19.5%.
Prices that producers received for goods and services advanced 0.4% in November following a 0.3% increase in October. Producer prices increased 3.0% for the 12 months ended in November, up from a 2.6% increase for the year ended in October. The November 12-month increase was the largest since the period ended February 2023. Producer prices less foods, energy, and trade services inched up 0.1% in November and 3.5% for the year, while prices excluding food and energy moved up 0.2% for the month and 3.4% for the 12 months ended in November. Producer prices for goods rose 0.7% in November and 1.1% for the year. Prices for services ticked up 0.2% in November, marking the fourth consecutive monthly advance. Prices for services rose 3.0% for the year ended in November.
Housing: Sales of existing homes increased 4.8% in November and were up 6.1% from November 2023. The median existing-home price was $406,100 in November, lower than the October price of $406,800 but 4.7% higher than the November 2023 price of $387,800. Unsold inventory of existing homes represented a 3.8-month supply at the current sales pace, down from October (4.2 months) but above the 3.5-month supply in November 2023. Sales of existing single-family homes increased 5.0% in November. Over the 12 months ended in November, sales of existing single-family homes rose 7.4%. The median existing single-family home price was $410,900 in November, down from $411,700 in October but 4.8% above the November 2023 price of $392,200.
New single-family home sales rose in November, however, sales prices have declined. In November, sales rose 5.9% and 8.7% for the year. The median sales price of new single-family houses sold in November was $402,600 ($425,600 in October), down from $429,600 a year earlier. The November average sales price was $484,800 ($525,400 in October), lower than the November 2023 price of $489,000. The inventory of new single-family homes for sale in November represented a supply of 8.9 months at the current sales pace.
Manufacturing: Industrial production declined 0.1% in November following a 0.4% decrease in October. Manufacturing advanced 0.2% in November, driven higher by a 3.1% jump in motor vehicles and parts production. Mining decreased 0.9%, while utilities fell 1.3%. Over the past 12 months ended in November, total industrial production was 0.9% below its year-earlier reading. For the 12 months ended in November, manufacturing decreased 1.0%, utilities advanced 0.1%, while mining declined 1.3%.
New orders for durable goods, down three of the last four months, decreased 1.1% in November. Durable goods orders rose 0.8% in October but fell 1.3% since November 2023. Excluding transportation, new orders decreased 0.1% in November. Excluding defense, new orders declined 0.3%. Transportation equipment, down three of the last four months, led the November decrease, falling 2.9%.
Imports and exports: Import prices rose 0.1% for the second straight month in November, driven higher by advancing fuel prices. Import prices rose 1.3% from November 2023, the largest 12-month increase since the year ended July 2024. Import fuel prices advanced 1.0% in November following a 0.8% decline the previous month. Prices for nonfuel imports were unchanged in November after advancing 0.2% in each of the two previous months. Nonfuel import prices have not declined on a monthly basis since May 2024. Prices for exports were unchanged in November after increasing 1.0% in October. Higher nonagricultural prices in November offset lower agricultural prices. Export prices rose 0.8% over the past year, the largest 12-month advance since the 12-month period ended July 2024.
The international trade in goods deficit was $102.9 billion in November, up $4.6 billion, or 4.7%, from October. Exports of goods were $176.4 billion in November, $7.4 billion more than October exports. Imports of goods were $279.2 billion in November, $12.0 billion more than October imports. Over the last 12 months, the goods deficit grew 16.1%. Exports rose 6.1% and imports increased 9.6%.
The latest information on international trade in goods and services, released December 5, is for October and revealed that the goods and services trade deficit was $73.8 billion, a decrease of $10.0 billion, or 11.9%, from the September deficit. October exports were $265.7 billion, $4.3 billion, or 1.6% less than September exports. October imports were $339.6 billion, $14.3 billion, or 4.0% less than September imports. Year to date, the goods and services deficit increased $80.7 billion, or 12.3%, from the same period in 2023. Exports increased $94.0 billion, or 3.7%. Imports increased $174.7 billion, or 5.4%.
International markets: World stocks are on pace for a second consecutive annual gain of 16%, despite tensions in the Middle East, the ongoing war in Ukraine, Germany’s underperforming economy amidst political upheaval, the downgrade of France’s credit rating, and China’s economic slowdown. For 2024, the STOXX Europe 600 Index rose 6.0%; the United Kingdom’s FTSE advanced 5.7%; Japan’s Nikkei 225 Index gained 10.2%; and China’s Shanghai Composite Index increased 12.7%.
Consumer confidence: December saw consumer confidence wane, ending the year on a down note. The Conference Board Consumer Confidence Index® decreased in December to 104.7 following a 112.8 reading in November. The Present Situation Index, based on consumers’ assessment of current business and labor market conditions, fell 1.2 points to 140.2 in December. The Expectations Index, based on consumers’ short-term outlook for income, business, and labor market conditions, tumbled 12.6 points to 81.1 in December just above the threshold of 80.0 that usually signals a recession ahead.
Eye on the Year Ahead
Looking forward to 2025, several questions arise. The federal funds rate was reduced by 100 basis points in 2024. What impact will lower interest rates have on the economy, labor, and consumer prices? If the incoming administration moves toward deregulation, how will that affect the concentration of economic strength and will it promote more widespread income disparities? Will the conflicts in the Middle East continue into 2025, and if so, what impact will they have on crude oil production? Will increased import tariffs drive consumer prices higher and/or strengthen domestic businesses? These are just a few of the many issues to consider entering the new year.
What I'm Watching This Week 