US Futures Decline as the Tech Rally Ends the Year – Europe Market Wrap
Global markets moved lower on weaker holiday-season volumes as a robust surge in technology companies faltered in the final trading sessions of 2024.
US equity futures pointed to a slightly softer opening on Wall Street following Friday’s drop, which was highlighted by a pullback in tech megacaps. Europe’s Stoxx 600 index recovered from previous losses, while Asian equities reversed a five-day winning streak.
Treasuries rose, with 10-year rates falling from around their highs since May. German bonds lost an earlier advance after data showed Spanish inflation accelerated faster than expected, strengthening ECB’s case for gradual interest rate cuts.
Trading in Europe’s equities benchmark was almost 60% below the 20-day average. It is the final session of 2024 for certain markets, including Germany, where the DAX benchmark is on track for a 19% annual gain, outperforming peers in the UK and France.
Oil prices were barely altered in subdued year-end trade as the market focused on the outlook for 2025. Crude is expected to fall this year, with trading limited to a narrow range since mid-October. Gold is poised for one of its most significant annual rises this century.
