Welcome to closing bell. I'm Mike Santoli in for Scott Wapner. This make-a-break hour begins with investors ringing the register before they ring in the new year, continuing to take profits in the mega-cap winners and driving a rare multi-day slide at the end of an otherwise stellar 2024. And Dubai is ringing in the new year. Take a look here. We're going to start to see the fireworks at the world's tallest building, the Birch Khalifa.

Pretty impressive display right there, one of many to come.

With 60 minutes left in the trading year here in New York, the S&P 500, under a bit of pressure.

It is now down about a third of 1%.

It's been down slightly more than that a bit earlier, but definitely to the downside.

Year-to-date winners such as Nvidia, Apple, Tesla, all of them backing off.

There's a little bit of sell the winners and buy the laggards effect inside of the index today.

Still, more stocks are up than down for the day and for the year the index is set for its

second straight annual gain above 23%.

So this was a year when the world political and policy landscape was scrambled and

J.P. Morgan, Chair of Global Research, Joyce Chang, will be here to talk about what it will mean

for the global economy and the markets in 2025. But first, our talk of the tape with the indexes

climbing to the finish, limping to the finish, really, after a great two-year run,

can stocks overcome elevated valuations, higher for longer bond yields in the new year?

Let's ask Charles Cantor, Newberger-Burman, senior portfolio manager, joins me here, Postein.

Great to see you, Charles.

Thanks for having me, Mike.

Happy New Year.

So what is your read on, I guess, the most recent market action as it punctuates the year?

You know, I mean, is the market having a little bit of misgivings about maybe the policy outlook? Are we not able to absorb easily the 4.5% 10-year yields or, you know, just straight profit taking?

I think probably the mostly straight profit taking.

I think the last month has been tricky and the value stocks have been under tremendous pressure and the growth stocks have continued to perform.

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