The year 2024 was another strong year for performance, even though we started to see signs of strain. Amid Middle East and Eastern European turmoil, higher interest rates and domestic union strikes, the S&P still managed to deliver an impressive 23% return. Markets defied early-year predictions of a slowing economy or recession. Yet the consumer still felt like they couldn’t quite get ahead. Despite this lack of confidence, the markets continued to thrive and Washington continued to report on record economic activity.
Throughout 2024, the Investment Committee positioned our portfolio to best navigate these developments while staying nimble enough to capture upside potential. As highlighted below in our 2024 timeline, multiple market-changing events prompted tactical shifts in our asset allocation.
While global events often dominate headlines, much of the world’s revenue and profits remain concentrated in the U.S. economy. This raises a compelling question: Why don’t American investors pay greater attention to what’s happening in the wider world? Perhaps the better question is: why would they?
By parsing through the data and leveraging our proprietary investment research, we were able to create a clear investment thesis, block out the noise and invest accordingly.
To that effect, Oakworth’s Investment Committee successfully managed risk while capitalizing on the benefits of a strong domestic economy. If you would like some insight into the primary shifts we made in our clients’ portfolios, we invite you to contact your Oakworth client advisor or investment portfolio manager, or set up a time to meet with one.
| January | 3 | Jeffery Epstein’s inner circle named in 2015 court documents |
| 10 | SEC approves Bitcoin ETF | |
| 5 | Passengers and crew survive after a door panel blows out from an Alaska Airlines Boeing jet, at 16,000 feet. | |
| 27 | Icon of the Seas, the largest cruise ship in the world, embarks on its maiden voyage | |
| 30 | CME Futures predict 6 rate cuts in 2024 after FOMC meeting | |
| February | 10 | Crypto selloff after the SEC announces stablecoin regulations |
| 11 | The Kansas City Chiefs win the Super Bowl…again | |
| 21 | Japan’s benchmark Nikkei Stock Average returns to a record high after 34 years of waiting | |
| 22 | Odysseus is the first private spacecraft to land on the moon | |
| 23 | NVIDIA’s market valuation hits $2 trillion | |
| March | 7 | Sweden joins NATO as 32nd member |
| 10 | The Bank of Japan ends its negative rate policy, impacting global bond markets. | |
| 13 | Congress bans TikTok | |
| 17 | Putin wins again, with 88% of the vote | |
| 22 | The Federal Reserve holds interest rates steady, citing moderating inflation data | |
| 26 | Baltimore’s iconic Francis Scott Key Bridge collapsed after being struck by a cargo ship | |
| April | 2 | Taylor Swift becomes a billionaire |
| 3 | Disney shareholders prevail, giving CEO Bob Iger a win over Nelson Pelt | |
| 5 | NVIDIA and other AI-related companies unveil advancements in generative AI technologies, leading to a surge in their stock prices | |
| 12 | OPEC+ announces cuts; oil prices spike | |
| 29 | Universities struggle to end pro-Palestinian protests; Columbia suspends students | |
| May | 7 | An FDIC report reveals history of harassment and discrimination at the agency |
| 17 | The Dow closes above 40,000 for the first time | |
| 18 | The European Union fines a major U.S. tech companies Apple and Google for anti-competitive practices, impacting tech sector performance | |
| 20 | Red Lobster files for Bankruptcy | |
| 23 | Pay-to-Play: NCAA permits schools to pay athletes | |
| 30 | Trump convicted on 34 counts in hush-money trial | |
| June | 3 | Sheinbaum becomes Mexico’s first female president |
| 18 | At $3.34 trillion, NVIDIA is valued ahead of Microsoft and Apple | |
| 22 | India reports record GDP growth, driving gains in Asian markets and causing a retail trading frenzy. | |
| 27 | Biden-Trump debate raises concern for Biden’s mental health | |
| July | 7 | Boeing agrees to plead guilty to misleading air-safety regulators in the run-up to two deadly 737 MAX crashes |
| 12 | Chinese developer defaults on $147 million loan, rattling global markets | |
| 13 | Trump survives assassination attempt | |
| 15 | Donald Trump selects Sen. JD Vance as his running mate | |
| 19 | CrowdStrike outage disrupts millions of Microsoft devices | |
| 21 | President Biden withdraws from the presidential race | |
| 26 | The Paris Summer Olympics kick off | |
| August | 5 | Global markets plunge and stocks face a sharp sell-off |
| 6 | Vice President Kamala Harris introduces Minnesota Gov. Tim Walz as her running mate at a rally in Philadelphia | |
| 8 | Russia exits the Black Sea grain deal; wheat & crude oil prices surge | |
| 11 | The Paris Olympics wrap up | |
| 13 | Starbuck replaces CEO Narasimhan with Chipotle’s Brian Niccol | |
| 21 | Ford Motor Company shrinks their anticipated EV rollout | |
| 23 | Powell signals for upcoming interest-rate cuts | |
| September | 5 | The U.S. dollar index (DXY) hits a two-year high, pressuring emerging markets |
| 10 | Auto worker strikes disrupt supply chains and industrial stocks | |
| 10 | The first debate between Donald Trump and new democratic candidate Kamala Harris takes place | |
| 14 | The European Central Bank raises interest rates, leading to a decline in European equities | |
| 16 | The death toll in the Russo-Ukrainian War reaches one million | |
| 18 | The Fed lowers interest rates by 0.5%. Finally | |
| 27 | Hurricane Helene devastates the Southeastern U.S. | |
| October | 1 | U.S. dockworkers strike halts operations at key cargo ports nationwide |
| 1 | Vice-presidential candidates JD Vance and Tim Walz face off in debate | |
| 10 | Hurricane Milton batters Florida | |
| 13 | SpaceX lands booster rocket – advancing reusable space technology | |
| 21 | Walt Disney says it will name Chief Executive Bob Iger’s replacement in early 2026 and that former Morgan Stanley CEO James Gorman will become chairman | |
| 31 | Dodgers win their 8th World Series title in franchise history | |
| November | 1 | NVIDIA replaces Intel in the Dow Jones |
| 5 | Trump defeats Harris | |
| 5 | The Republicans seize control of the Senate and hold on to the House. | |
| 7 | The Fed reduces target rate by one-quarter point (0.25%) | |
| 8 | Stocks post their best weekly gains of the year after Trump’s pivotal victory | |
| 18 | Spirit Airlines files for bankruptcy protection after merger talks with Frontier Airlines break down | |
| 29 | U.S. stocks hit 2024 highs, driven by chip stocks | |
| December | 1 | President Biden pardons his son Hunter, wiping away criminal convictions on tax and gun charges despite previously saying that he wouldn’t. |
| 3 | South Korea’s Yoon Suk Yeol declares martial law; gets impeached | |
| 4 | United Healthcare CEO Brian Thompson is assassinated in NYC | |
| 8 | Syrian rebels take Damascus | |
| 23 | Honda and Nissan say they plan to merge in 2026. Combined with Nissan partner Mitsubishi Motors, the company would be the third-largest carmaker in the world, after Toyota and Volkswagen | |
| 29 | Jimmy Carter dies at 100 | |
| 31 | In 2024, the S&P 500 climbs 23%, the Dow Jones Industrial Average rallies 13% and the Nasdaq composite jumps 29%. |
This content is part of our quarterly outlook and overview. For more of our view on this quarter’s economic overview, inflation, bonds, equities and allocation read our entire Annual 2024 Macro & Market Perspectives.
The opinions expressed within this report are those of the Investment Committee as of the date published. They are subject to change without notice, and do not necessarily reflect the views of Oakworth Capital Bank, its directors, shareholders or employees.