The S&P 500 entered 2024 with an impressive rise that has not been seen since 2004. The trading markets are poised to discover essential in the December jobs report, due to be released on Friday, 5 January, also containing notes from various Federal Reserve meetings and data on manufacturing and services.
The S&P 500 enters 2024 on a 9-week high
According to data from Bloomberg, experts predict the report will show the addition of 168,000 nonfarm payroll jobs in December 2023, when compared to the 199,000 jobs added in November. Other predictions include an unemployment figure to sit at 3.8%, 0.1% higher than that of November’s.
The positive investor sentiment that grew in December has helped to push the S&P 500 higher, particularly with bets that the Fed will avoid total recession and reach its goal of 2% inflation. However, the jobs report will either increase this positive trend or lower the sentiment.
The NASDQAQ saw its highest yearly return since 2020, finishing the year at 43.42%, while the S&P 500 marginally missed 4,796.56, its previous record close. The Dow Jones also saw substantial gains, with 4,500 additional points registering at 37,000 – a 13.7% increase compared to 2022.
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Major stocks, such as Cal-Maine Foods (CALM) and Tesla (TSLA), also finished the year off on a high. However, Cal-Maine Foods fell 1.5% at the market opening after announcing its acquisition of various broiler assets from Tyson Foods.
