The stock market enters 2025 looking something like the Kansas City Chiefs.
The S&P 500 is coming off consecutive 20% annual gains, the Chiefs were winners of the past two Super Bowls. Fans of both are rabid for a three-peat. Yet in each case, the offense has been less dominant, the wins have been squeakers rather than routs and the path to another trophy appears narrower, if still navigable.
The market equivalent of the Chiefs’ mediocre record against the point spread is the average stock’s stagnation since summer’s end, the S&P 500 Equal-Weight Index sitting at September levels after its 6% pullback from a post-Thanksgiving high.
The benchmark market-cap-weighted S&P 500 – the more important one for capturing aggregate portfolio values – is off less than 3% from its record level and in the past two months has consolidated while bouncing three times off its pre-election peak.
Source: https://www.cnbc.com/2025/01/06/the-stock-market-is-losing-juggernaut-status-as-2025-begins-but-that-doesnt-mean-bull-is-over.html