Santa Claus Rally Stumbles

聖誕老人集會失利

U.S. stocks are facing a disappointing end to 2024, experiencing back-to-back losses during the holiday trading period. This is a rare occurrence, only happening twice previously in market history.

美股2024年的結局令人失望，在假期交易期間經歷接連下跌。這種情況很少見，在市場歷史上只發生過兩次。

Investors anticipating the traditional year-end boost to their portfolios are instead facing a downturn. Stock futures indicate further pain on Monday, with Dow Jones futures dropping 81 points and S&P 500 futures falling 0.16%. Nasdaq-100 futures remain flat.

預計投資組合將在年底得到傳統提振的投資者卻面臨低迷。週一股指期貨進一步下跌，道瓊指數期貨下跌 81 點，標普 500 指數期貨下跌 0.16%。納斯達克 100 指數期貨保持持平。

While the major indices are still enjoying a strong 2024 overall, December has been a challenging month. The S&P 500 has declined 1% and the Dow has slid 4.3%, marking their worst monthly performances since April. Despite these losses, the S&P 500 is still up 25.2% for the year, and the Dow has gained 14.1%.

儘管主要股指在 2024 年總體上仍表現強勁，但 12 月卻是充滿挑戰的一個月。標普 500 指數下跌 1%，道瓊指數下跌 4.3%，創下 4 月以來最差月度表現。儘管這些損失，標準普爾 500 指數今年仍上漲 25.2%，道瓊指數上漲 14.1%。

The Nasdaq Composite stands as the clear winner for 2024, with a 31.4% rise. However, the so-called "Santa Rally," a bullish period typically encompassing the last five trading days of December and the first two of January, has failed to materialize this year.

那斯達克指數以 31.4% 的漲幅成為 2024 年的明顯贏家。然而，所謂的「聖誕老人集會」——通常涵蓋 12 月最後五個交易日和 1 月前兩個交易日的看漲期——今年未能實現。

Historically, the S&P 500 has averaged a 1.3% gain during this period. However, this year, Friday's selloff and increased year-end profit-taking have left investors disheartened.

從歷史上看，標準普爾 500 指數在此期間平均上漲 1.3%。然而，今年周五的拋售和年底獲利了結的增加讓投資者感到沮喪。

Nasdaq Shines, Bitcoin Stumbles

納斯達克大放異彩，比特幣下跌

Despite the broader market's struggles, the Nasdaq is wrapping up a stellar fourth quarter, gaining 8.4%. This is its longest winning streak since 2021. The S&P 500 is not far behind, up 3.6% for the quarter, its fifth consecutive positive run. The Dow has been less fortunate, limping towards a 1.6% quarterly gain.

儘管大盤表現不佳，納斯達克指數第四季仍表現出色，上漲 8.4%。這是自 2021 年以來最長的連續上漲。道瓊指數就沒那麼幸運了，季度漲幅只有 1.6%。

Meanwhile in the cryptocurrency market, Bitcoin is losing momentum. The apex crypto, which soared earlier this year on President Trump's pro-crypto policies, is now facing a downturn. As of this writing, Bitcoin is valued at around $93,420, approximately $15,000 below its all-time high of $108,400.

同時，在加密貨幣市場，比特幣正在失去動力。今年早些時候，由於川普總統的支持加密貨幣政策而飆升的頂級加密貨幣現在正面臨低迷。截至撰寫本文時，比特幣的估值約為 93,420 美元，比歷史高點 108,400 美元低約 15,000 美元。

Smaller cryptocurrencies like Ether and Dogecoin are also facing challenges. Hopes for Federal Reserve rate cuts have dampened the market's speculative fervor.

以太幣和狗狗幣等較小的加密貨幣也面臨挑戰。聯準會降息的希望抑制了市場的投機熱情。

Investors are now looking ahead to Trump's January 20 inauguration, hoping for clarification on his crypto agenda. Bitcoin remains up 120% for the year, outperforming traditional investments like stocks and precious metals.

投資者現在正在期待川普 1 月 20 日的就職典禮，希望能澄清他的加密貨幣議程。比特幣今年仍上漲 120%，表現優於股票和貴金屬等傳統投資。