Santa Claus Rally Stumbles

圣诞老人集会失利

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年的结局令人失望，在假期交易期间经历接连下跌。这种情况很少见，在市场历史上只发生过两次。

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.

预计投资组合将在年底得到传统提振的投资者却面临着低迷。周一股指期货进一步下跌，道琼斯指数期货下跌 81 点，标准普尔 500 指数期货下跌 0.16%。纳斯达克 100 指数期货保持持平。

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%.

尽管主要股指在 2024 年总体上仍表现强劲，但 12 月却是充满挑战的一个月。标准普尔 500 指数下跌 1%，道指下跌 4.3%，创下 4 月份以来最差月度表现。尽管出现这些损失，标准普尔 500 指数今年仍上涨 25.2%，道指上涨 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.

纳斯达克综合指数以 31.4% 的涨幅成为 2024 年的明显赢家。然而，所谓的“圣诞老人集会”——通常涵盖 12 月最后五个交易日和 1 月前两个交易日的看涨期——今年未能实现。

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.

从历史上看，标准普尔 500 指数在此期间平均上涨 1.3%。然而，今年周五的抛售和年底获利了结的增加让投资者感到沮丧。

Nasdaq Shines, Bitcoin Stumbles

纳斯达克大放异彩，比特币下跌

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.

尽管大盘表现不佳，纳斯达克指数第四季度仍表现出色，上涨 8.4%。这是自 2021 年以来最长的连续上涨。标准普尔 500 指数也不甘落后，本季度上涨 3.6%，连续第五次上涨。道指就没那么幸运了，季度涨幅只有 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.

与此同时，在加密货币市场，比特币正在失去动力。今年早些时候，由于特朗普总统的支持加密货币政策而飙升的顶级加密货币现在正面临低迷。截至撰写本文时，比特币的估值约为 93,420 美元，比历史高点 108,400 美元低约 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.

以太币和狗狗币等较小的加密货币也面临着挑战。美联储降息的希望抑制了市场的投机热情。

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.

投资者现在正在期待特朗普 1 月 20 日的就职典礼，希望能澄清他的加密货币议程。比特币今年仍然上涨 120%，表现优于股票和贵金属等传统投资。