Looking back at 2024, it was another remarkable year for the U.S. stock market, with large-cap growth stocks, particularly those in the technology, communications, and consumer discretionary sectors, driving strong overall returns. The Magnificent 7 stocks (Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta Platforms, and Tesla) played a major role, accounting for 55% of the S&P 500’s return for the year.
Throughtout the year, the U.S. economy defied traditional indicators, with resilient consumer spending, easing financial conditions, and the rise of AI all fueling steady growth.
The fourth quarter itself brought mixed signals: equity markets displayed some volatility after a post-election rally, while yields on longer-term bonds rose sharply.
Read our Q4 market update for a more in-depth analysis, and to get our perspective on it all.
