Dow, S&P 500, Nasdaq futures rebound as stocks look to end roaring 2024 with a bang

US stocks were set for a bounce back Tuesday, setting up for a fitting end to a roaring year of trading after an uncharacteristic limp into the finish.

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Futures tied to the S&P 500 (ES=F) were up 0.3%, while those on the tech-heavy Nasdaq (NQ=F) rose about 0.5%. Dow Jones Industrial Average futures (YM=F) gained 0.4%.

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The benchmark S&P 500 (^GSPC) is up around 23.8% in 2024, according to Yahoo Finance data. The tech-heavy Nasdaq Composite (^IXIC) is up almost 30%. The Dow Jones Industrial Average (^DJI) has posted a more modest 13% gain.

The major indexes are set to post big gains in 2024, in a year that was marked by a continued surge in the AI trade — led by the so-called “Magnificent 7” — even as the bull rally broadened across the board.

Meanwhile, the Federal Reserve made its first interest rate cut in four years, while President-elect Donald Trump’s return to the White House drove stocks higher the last two months. (Yahoo Finance’s Josh Schafer and Alexandra Canal have a great rundown of the year’s big themes in charts.)

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In commodities, gold (GC=F) is up over 27% this year, on track for its biggest yearly gain since 2010. And in cryptocurrencies, Bitcoin (BTC-USD) has rallied over 100% this year, though it has pulled back from the $100,000 level it breached earlier this month.

But overall, the good times have stalled in the last week, as markets have given up some of their big gains — all the more uncharacteristic considering the typical “Santa Claus” rally that marks the end of the year.

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