ab 6 January 2025 Global Research US Equity Strategy Roadmap - January 2025 Stocks Deliver Another Strong Year The S&P 500 returned 25.0% in 2024, 70.1% since October 2022 lows. Big 6 TECH+ stocks once again provided an outsized contribution to this success, delivering 47.5% and 145.4%. Excluding these 6 outperformers, the market returned 16.0% and 48.3%. Small Caps lagged (11.5% and 36.5%) relative to Large, the result of weaker earnings. EAFE did particularly poorly (4.3% and 47.0%) when measured in US$. ...