Market Report: global markets end the year on a sombre note

• UK markets look soft heading into 2024’s final session
• Tech stocks drive US markets lower
• Tesla investors await Thursday’s delivery numbers
• Crude oil climbs above $74

Matt Britzman, senior equity analyst, Hargreaves Lansdown:

“UK futures are set for a lower open on the final trading session of 2024, after sliding 0.4% yesterday. The cautious mood aligns with global trends, as investors pare back positions ahead of the New Year amid uncertainty over monetary policy and the economic outlook under a Trump presidency. Across the Atlantic, tech stocks remained under pressure, dragging the S&P 500 and Nasdaq lower in yesterday’s session, with holiday-season volatility and year-end profit taking amplifying the losses.

Tesla investors are hoping for good news with Thursday’s delivery numbers, but it seems unlikely the company will meet Elon Musk’s goal of a small year-over-year increase, even with strong sales in China. However, these updates are becoming less important to the market as predictions for deliveries improve and other parts of Tesla’s story take the spotlight. The focus is quickly shifting to the future of self-driving technology, making small beats or misses in delivery numbers less significant.

Brent crude oil climbed above $74 per