{"id":48502,"date":"2024-12-03T22:01:40","date_gmt":"2024-12-03T22:01:40","guid":{"rendered":"https:\/\/thestockmarketwatch.com\/stock-market-news\/stock-market-recap-sp-500-hits-new-high-as-tech-rallies-on-december-3-2024\/48502\/"},"modified":"2024-12-03T22:01:40","modified_gmt":"2024-12-03T22:01:40","slug":"stock-market-recap-sp-500-hits-new-high-as-tech-rallies-on-december-3-2024","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-recap-sp-500-hits-new-high-as-tech-rallies-on-december-3-2024\/48502\/","title":{"rendered":"Stock Market Recap: S&#038;P 500 Hits New High as Tech Rallies on December 3, 2024"},"content":{"rendered":"<p>The U.S. stock market demonstrated mixed performance on Tuesday, December 3, 2024, as investors digested recent gains and awaited key economic data later in the week. The <a href=\"https:\/\/stockmarketwatch.com\/indices\/sp500\/today\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&#038;P 500<\/a> continued its impressive run, notching its 55th record high of the year, while the Nasdaq Composite advanced on the back of strong tech performance. However, the <a href=\"https:\/\/stockmarketwatch.com\/indices\/dowjones\/today\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average retreated slightly from its recent peaks.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-recap-sp-500-hits-new-high-as-tech-rallies-on-december-3-2024\/48502\/#Market_Performance_Overview\" >Market Performance Overview<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-recap-sp-500-hits-new-high-as-tech-rallies-on-december-3-2024\/48502\/#Why_Was_the_Market_Up_Today\" >Why Was the Market Up Today?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-recap-sp-500-hits-new-high-as-tech-rallies-on-december-3-2024\/48502\/#Major_Stock_Movements\" >Major Stock Movements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-recap-sp-500-hits-new-high-as-tech-rallies-on-december-3-2024\/48502\/#Upcoming_Market_Events\" >Upcoming Market Events<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-recap-sp-500-hits-new-high-as-tech-rallies-on-december-3-2024\/48502\/#Global_Market_Influences\" >Global Market Influences<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-recap-sp-500-hits-new-high-as-tech-rallies-on-december-3-2024\/48502\/#Looking_Ahead\" >Looking Ahead<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Market_Performance_Overview\"><\/span>Market Performance Overview<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The S&#038;P 500 edged up by 2.73 points, or less than 0.1%, closing at 6,049.88, marking another all-time high. This modest gain extends the index&#8217;s remarkable streak, having climbed in 10 of the last 11 trading sessions. The tech-heavy Nasdaq Composite added 76.96 points, or 0.4%, to finish at 19,480.91, also setting a new record. In contrast, the Dow Jones Industrial Average slipped 76.47 points, or 0.2%, ending the day at 44,705.53.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Was_the_Market_Up_Today\"><\/span>Why Was the Market Up Today?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The market&#8217;s resilience can be attributed to several factors:<\/p>\n<p>1. <b>Continued Tech Strength:<\/b> Technology stocks led the gains, with big names like Apple (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AAPL\">AAPL<\/a>) and Microsoft (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=MSFT\">MSFT<\/a>) contributing to the Nasdaq&#8217;s positive performance.<\/p>\n<p>2. <b>Post-Election Optimism:<\/b> The market has been on a blistering rally since the U.S. presidential election on November 5, with the S&#038;P 500 climbing 4.6% and the Nasdaq rallying 5.2% since then.<\/p>\n<p>3. <b>Anticipation of Rate Cuts:<\/b> Investors are pricing in a high probability of a Federal Reserve rate cut in December, which typically supports stock valuations.<\/p>\n<p>4. <b>Strong Corporate Forecasts:<\/b> Companies like AT&#038;T (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=T\">T<\/a>) provided optimistic future guidance, boosting investor confidence.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Major_Stock_Movements\"><\/span>Major Stock Movements<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Several stocks made significant moves on Tuesday:<\/p>\n<p>&#8211; <b>AT&#038;T (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=T\">T<\/a>):<\/b> Shares jumped 4.6% after the company forecasted more than $18 billion in free cash flow for 2027 and announced a $20 billion stock buyback plan.<\/p>\n<p>&#8211; <b>U.S. Steel (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=X\">X<\/a>):<\/b> The stock plummeted 8.6% following President-elect Donald Trump&#8217;s statement that he would block the acquisition by Japan&#8217;s Nippon Steel.<\/p>\n<p>&#8211; <b>Tesla (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=TSLA\">TSLA<\/a>):<\/b> Shares declined 1.6% after a Delaware judge reaffirmed a ruling requiring the company to revoke Elon Musk&#8217;s multibillion-dollar pay package.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Upcoming_Market_Events\"><\/span>Upcoming Market Events<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Investors are closely watching several key events that could impact market direction:<\/p>\n<p>1. <b>November Jobs Report:<\/b> Set to be released on Friday, December 6, this report is crucial for gauging the health of the labor market and could influence the Federal Reserve&#8217;s decision on interest rates.<\/p>\n<p>2. <b>Federal Reserve Meeting:<\/b> The next FOMC meeting is scheduled for December 17-18, with markets anticipating potential rate cut discussions.<\/p>\n<p>3. <b>Earnings Reports:<\/b> Several major companies are expected to report earnings in the coming days, which could provide insight into corporate health and economic conditions.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Global_Market_Influences\"><\/span>Global Market Influences<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>International events are also shaping market sentiment:<\/p>\n<p>&#8211; <b>South Korean Political Tensions:<\/b> The iShares MSCI South Korea ETF (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=EWY\">EWY<\/a>) fell over 4% following political unrest in the country.<\/p>\n<p>&#8211; <b>U.S.-China Trade Relations:<\/b> Recent developments, including China&#8217;s ban on exports of certain high-tech materials to the U.S., continue to impact global markets.<\/p>\n<p>&#8211; <b>Japanese Market Strength:<\/b> The Nikkei 225 jumped 1.9%, potentially benefiting from geopolitical shifts and trade tensions.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Looking_Ahead\"><\/span>Looking Ahead<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As 2024 draws to a close, the stock market&#8217;s performance remains strong, with the S&#038;P 500 on track for one of its best years since 2000. However, investors should remain vigilant of potential volatility stemming from geopolitical events, economic data releases, and central bank decisions in the coming weeks.<\/p>\n<p>The market&#8217;s resilience in the face of various challenges highlights the ongoing optimism among investors. As always, it&#8217;s crucial for market participants to stay informed and maintain a balanced, long-term perspective on their investment strategies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. stock market demonstrated mixed performance on Tuesday, December 3, 2024, as investors digested recent gains and awaited key [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"rank_math_schema_Article":[],"rank_math_focus_keyword":[],"rank_math_description":[],"financial_data_references":[],"stock_symbols_mentioned":[],"footnotes":""},"categories":[94],"tags":[4,33,225,2173,3792,3858],"class_list":["post-48502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-update","tag-tsla","tag-msft","tag-aapl","tag-ewy","tag-t","tag-x"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/48502","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/comments?post=48502"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/48502\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media\/50312"}],"wp:attachment":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media?parent=48502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=48502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=48502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}