A New Year; But the Same Patterns; Stock Futures Indicate Gonzo Open; Gold, Silver, Oil Higher

2024 will be remembered as one of the best for Wall Street, as the major indices posted outstanding gains over the 12 months, though the last month was somewhat regrettable and forgettable, with all of the indices lower as participants took profits.

Unofficially (using Google Finance's clunky figures), the majors put in the following performances for the year:

Dow	42,544.22	+4,829.18	+12.80%
S&P 500	5,881.63	+1,138.80	+24.01%
NASDAQ	19,310.79	+4,544.85	+30.78%
NYSE Comp.	19,097.11	+2,255.49	+13.39%

While the averages were fairly robust, breadth left much to be desired. The NASDAQ and S&P were led by the "Magnificent 7" stocks, Apple, Amazon, Alphabet (Google), Meta Platforms (Facebook), Microsoft, Nvidia, and Tesla, the high-tech darlings that out-performed the rest of the market handily.

Nvidia was easily the best, returning profits of 243%, followed by META, with an annual gain of 69%. Microsoft (MSFT) was the real disappointment of the group, up only 13.65% on the year.

With 2024 in the books, investors may not be so eager to establish new positions prior to the inauguration of Donald J. Trump as America's 47th president. His policies have yet to be fully fleshed out, and the Donald has been known to surprise and amaze, so there could be some slight trepidation in early January, which usually sets the tone for the remainder of the calendar year.

With the opening bell for the first trading session of 2025 an hour away, it does appear that investors are eager to put their money to work. Dow futures are banging higher by 285, NASDAQ futures are +185 to the good, and S&P futures are showing a gain of 41 points. Moves in the futures markets were pumped by the first weekly unemployment figures which showed US unemployment claims falling to 211,000, the lowest level since March.

Gold is also bid, at $2,650, though that's $10 lower than it was just moments ago. Silver continues to struggle, but it is also up, hovering near $29.65 in early trading on the COMEX.

Players in the oil pits remain undeterred by the current supply glut and demand slack. WTI crude is pricing at $72.69, a 2 1/2-month high.

Crypto-crazies are bidding up bitcoin this morning, sending it above $96,000. It traded as low as $91,547 on December 30.

It appears that 2025 might just start off gang-busters despite warning signs. There's something for everybody.

At the Close, Tuesday, December 31, 2024:
Dow: 42,544.22, -29.51 (-0.07%)
NASDAQ: 19,310.79, -175.99 (-0.90%)
S&P 500: 5,881.63, -25.31 (-0.43%)
NYSE Composite: 19,097.11, +19.18 +(0.10%)