Stocks followed a rollicking 2023 with a tepid first day of trading on Tuesday, with all three major benchmarks suffering something of a New Year's hangover.
Anticipation of the Federal Reserve cutting interest rates as early as the first quarter of 2024 helped markets generate outstanding gains last year. The S&P 500 delivered a total return (price change plus dividends) of 26%, while the blue-chip Dow Jones Industrial Average returned 16%. The tech-heavy Nasdaq Composite, meanwhile, generated a total return of 45%.
