Stocks Fall as Late-Year Slump Continues; Dow and S&P 500 on Track to Post Monthly Losses

S&P 500 Has Best Two-Year Run Since the 1990s

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Despite a sluggish performance in the final trading sessions of the year, the S&P 500 finished 2024 with a 23% gain. That came on the heals of a 24% rise in 2023 and marked the first time since the late-1990s that the benchmark stock index registered two consecutive years with gains of more than 20%.

The tech-heavy Nasdaq Composite closed the year up 29%, while the Dow Jones Industrial Average added 13%.

Boeing Price Levels to Watch As South Korea Inspects Aircraft

1 hr 53 min ago

Boeing (BA) shares were little changed Tuesday after slipping more than 2% yesterday following news that South Korea ordered an inspection of all 737-800 planes in the aftermath of a Jeju Air crash over the weekend that killed 179 people.

Boeing shares have had a turbulent 2024, losing about a third of their value. The stock’s performance has been weighed down by a series of aircraft quality issues and a prolonged strike by its union machinists that prompted the company to raise additional capital in a bid to preserve its investment-grade credit rating and stem its cash drain. 

The shares have trended higher after breaking out from a falling wedge on above-average volume earlier this month, signaling a potential bullish reversal.

Investors should watch important overhead areas on Boeing’s chart around $192, $243, and $270, while also monitoring a crucial support level near $140. The stock was trading around $176 on Tuesday afternoon.

Read the full technical analysis piece here.

–Timothy Smith

Sangamo Therapeutics Tanks After Pfizer Deal Comes to End

3 hr 9 min ago

Sangamo Therapeutics (SGMO) shares lost more than half their value Tuesday, a day after the biopharma firm announced that Pfizer (PFE) had pulled out of its deal to co-develop a hemophilia drug. 

Sangamo said that it will regain development and commercialization rights to the medicine, known as giroctocogene fitelparvovec, following the decision by Pfizer to “terminate the global collaboration and license agreement between the parties.”

Sangamo noted that in July, Pfizer reported a successful Phase 3 trial of giroctocogene fitelparvovec, which is an investigational gene therapy for adults with moderately severe to severe hemophilia A.

CEO Sandy Macrae said Sangamo is “disappointed by Pfizer’s decision,” arguing that the those results show the treatment “is well positioned for regulatory submissions and potential commercialization.”

Sangamo said it “intends to explore all options to advance the program, including seeking a potential new collaboration partner.”

Shares of Sangamo Therapeutics recently were down 54%, although they remain more than 100% higher year-to-date. Pfizer shares traded slightly higher.

–Bill McColl

Tesla Shares Continue Falling Ahead of Q4 Deliveries Report

4 hr 15 min ago

Tesla (TSLA) shares were down slightly Tuesday and headed to a fourth straight day of declines ahead of the EV maker’s closely watched deliveries report.

The company is set to report Q4 deliveries on Thursday, and analysts surveyed by Visible Alpha are expecting a record total of 512,250, although that would not be enough to bring the full-year total up to Tesla’s forecast. In its third-quarter earnings report, Tesla said that “despite ongoing macroeconomic conditions,” it anticipated deliveries of slightly more than last year’s 1.81 million.

Tesla is also facing questions about how the company will fare under the new Trump administration. The incoming president has promised to slash regulations and provide federal guidelines for autonomous vehicles, which would be a big boost for Tesla’s robotaxi plans. However, President-elect Trump also is expected to end tax credits for EV purchases.

In addition, it’s unclear how much time CEO Elon Musk will dedicate to the automaker after being named by Trump to co-lead the new Department of Government Efficiency (DOGE). 

Despite losing 10% of their value over the previous three sessions, Tesla shares have largely benefited from the presidential election outcome, adding about two-thirds of their value since Election Day.

Tesla shares were down 0.4% at around $416 in recent trading. The stock hit an all-time high of over $488 two weeks ago.

–Bill McColl

Palantir Stock Price Levels to Watch Heading Into 2025

5 hr 44 min ago

Palantir Technologies (PLTR) is set to claim the coveted title of the S&P 500 index’s best performing component this year.

The stock, which was down nearly 1% at $76.50 this morning, has gained 350% since the start of the year, bolstered by robust demand for its artificial intelligence (AI) analytics software offerings.

Since breaking out from a month-long consolidation period following the presidential election in early November, Palantir shares have continued to track sharply higher on above-average trading volumes.

However, last week a shooting star formed on the chart, a candlestick pattern that occurs after a significant advance, indicating the price may start falling or enter a consolidation phase. It’s worth pointing out that the last time a similar pattern formed on the chart in late July, the stock fell 21% over the following two weeks.

Investors should watch key support levels on Palantir’s chart around $66, $45, and $29, while also monitoring an upside price target near $145.

Read the full technical analysis piece here.

–Timothy Smith

Nasdaq Clings to Gains for Month, S&P 500, Dow Lose Ground

7 hours ago

Heading into the final trading day of December, the Nasdaq Composite has gained 1.4% so far this month. Meanwhile, the Dow Jones Industrial Average and S&P 500 are down 5.2% and 2.1%, respectively, their biggest monthly losses since April.

Each of the major indexes hit record highs earlier this month, boosted by optimism about the expected pro-growth policies of the incoming Trump administration. But the market has stumbled in recent weeks after the Federal Reserve said that it would likely slow down the pace of interest rate cuts next year as inflation has been hotter than expected.

Despite the late-year slump, the major indexes remain on pace for solid yearly gains, with the Nasdaq up 30% since the start of 2024. The S&P 500 and Dow are up 24% and 13%, respectively.

Futures Point to Higher Open for Major Stock Indexes

7 hr 43 min ago

Futures tied to the Dow Jones Industrial Average 0.2%.

S&P 500 futures were up 0.3%.

Nasdaq 100 futures also gained 0.3%.