Wall Street lost ground on Tuesday as investors closed the book on a remarkable year for equities, during which the U.S. stock market was powered to record highs by the twin engines of the artificial-intelligence boom and the U.S. Federal Reserve's first interest rate cuts in three-and-a-half years.

For 2024, the Nasdaq surged 28.6%, while the bellwether S&P 500 notched a 23.3% gain, marking the index's best two-year run since 1997-1998.

The blue-chip Dow posted a 12.9% advance for the year.

Market Snapshot

The Dow Jones Industrial Average on Tuesday fell 29.51 points, or 0.07%, to 42,544.22, the S&P 500 lost 25.31 points, or 0.43%, to 5,881.63 and the Nasdaq Composite lost 175.99 points, or 0.90%, to 19,310.79.

Market Movers

Tesla - Tesla shares fell 3.3%, extending losses for a fourth straight session. The electric-vehicle maker is expected to releasefourth-quarter deliveriesthis week, likely Thursday. Analysts expect Tesla to deliver a total of around 1.8 million cars in 2024, flat with a year prior.

Nvidia - Nvidia fell 2.3%. It was the only stock of the 30 in the Dow Jones Industrial Average that finished higher on Monday, closing with a gain of 0.4%.Nvidia has gained 171% this year.

MicroStrategy - MicroStrategy fell 4.4%, a day after shares of the world’s largest corporate holder of Bitcoin fell 8.2% following a disclosure that the company’s weekly purchases of the cryptocurrency again declined from the prior week. MicroStrategy has sold stock and used the proceeds to buy Bitcoin for eight straight weeks.

Palantir - Palantir Technologies, thetop stockin the S&P 500 this year with a gain of more than 340%, rose before falling 2%. The software company, a close partner of the U.S. government, has increasingly sold its artificial-intelligence offerings to commercial customers.

Super Micro Computer - Super Micro Computer was down 0.7%, reversing earlier gains in shares of the artificial-intelligence server maker. Thevolatile stock, up about 7% in 2024, has limped into year-end.

Moderna - Moderna was one of Tuesday’s best performers in the S&P 500, rising 5.6%. Shares of the vaccine maker in 2024 have suffered fromdisappointing Covid vaccine salesand management’s move to push out the year of projected profitability to 2028 from 2026. It has declined about 58% this year.

Boeing - Shares of Boeing were up 0.3%. The aerospace giant declined 2.3% on Monday following adeadly plane crash in South Korea. The plane, operated by South Korea’s Jeju Air, was a twin-engine Boeing 737-800 that was manufactured in 2009. Just two of the 189 people traveling on board survived the crash.

Broadcom - Broadcom fell 1.6%. The stock closed down 2.6% on Monday as investors took profits in shares of the semiconductor and software company that has gained 108% in 2024.

VeriSign - VeriSign was up 0.9%. Warren Buffett’s Berkshire Hathaway  bought almost $16 millionmore in shares of the internet domain-name registry company, adding to its stake. Berkshire Hathaway is thelargest shareholder of VeriSign, with a stake of more than 10%.

Sangamo Therapeutics - Sangamo Therapeutics declined 56.4% to $1.02 after announcing that its partnership with Pfizer to co-develop agene therapy candidate for hemophilia Awill end April 21, 2025. Sangamo said Pfizer isn’t proceeding with plans to commercialize the treatment despite “compelling pivotal clinical trial data” from a Phase 3 trial in July.

Market News

Bitcoin More Than Doubles in 2024 on Spot ETF Approval, Trump Euphoria

Bitcoin more than doubled in 2024 driven by the U.S. markets regulator's approval for exchange-traded funds tied to its spot price, and optimism over easing regulatory hurdles with Donald Trump set to return to the White House.

The world's largest and most well-known cryptocurrency hit $100,000 earlier this month, a milestone that has ignited 'animal spirits' among supporters of the once-nascent asset class.

A more than 120% surge in bitcoin this year and a nearly 50% jump in ether , the second-largest cryptocurrency, have propelled the sector's market value to roughly $3.5 trillion, according to CoinGecko data.

Tesla to Fix Software for 77,650 China-Made Vehicles, Says Market Regulator

Tesla will fix software in 77,650 China-made Model 3 and Model Y cars over safety hazards, China's market regulator said on Tuesday.

The action, due to software issues that may fail to display the monitored tyre pressure immediately after the vehicle starts, is described as a product recall under Chinese regulations, the regulator said. It was not immediately clear if drivers might need, or would be eligible, to return vehicles to Tesla for refunds.

The U.S. electric vehicle maker is also recalling 63 imported Model S and Model X cars in China over issues with the driver's frontal airbag.