Investing.com– The S&P 500 closed lower on the final day of trade for the year on Tuesday, but wrapped up a strong year, with a more than 20% gain.
At 4:00 p.m. ET (21:00 GMT), the S&P 500 fell 0.4%, but ended the year up about 23%. The Dow Jones Industrial Average fell about 0.1%, and the NASDAQ Composite fell 0.9%.
The market is closed on Wednesday for New Year’s Day.
Tesla pares gains despite gigafactory news
Tesla (NASDAQ:TSLA) stock gave up gains to close 3.2% lower. Chinese state news agency Xinhua reported that the company’s energy storage gigafactory in Shanghai has entered trial production, just seven months after construction began, with full-scale production expected to commence early next year.
Boeing (NYSE:BA) shares ended marginally lower after the previous session’s hefty losses, following a devastating air accident in South Korea claimed the lives of 179 people on Sunday when a passenger plane crash-landed at Muan International Airport.
United States Steel Corp (BVMF:USSX34)jumped more than 9% after Nippon Steel made a last-ditch attempt to win President Joe Biden’s approval for its $14.9 billion acquisition of the U.S. steel maker. Nippon Steel offered the U.S. government veto power over any cuts to U.S. Steel’s production capacity, The Washington Post reported Tuesday, citing a document sent to the White House on Monday.
ISM manufacturing activity data due
The economic data calendar is largely empty Tuesday, ahead of Wednesday’s holiday, and later in the week, investors will scrutinize the Institute of Supply Management’s manufacturing activity survey for December and a weekly report on jobless claims, ahead of a key employment report due in the following week.
Crude gains on Chinese data
Crude prices rose Tuesday, boosted by signs of growth in Chinese manufacturing activity, but are on track to end lower for a second consecutive year due to demand concerns in top consuming countries.
China’s manufacturing sector expanded in December but at a slower-than-expected pace, marking its third straight month of expansion as a raft of fresh stimulus measures provided support.
The outlook for oil demand largely hinges on the hope that China, the world’s largest oil importer, can revive its economy, especially as there are concerns about a potential oversupply due to expected increases in production from non-OPEC countries.
The Brent benchmark is still on course for a loss of around 3% in 2024, while the WTI contract is largely unchanged over the course of the year.
Crypto stocks follow bitcoin higher
Cryptocurrency-related stocks including Coinbase Global Inc (NASDAQ:COIN), Marathon Digital Holdings Inc (NASDAQ:MARA), and MicroStrategy Incorporated (NASDAQ:MSTR) were sharply higher, underpinned b
(Ayushman Ojha contributed to this article.)