Despite a tumultuous U.S. presidential campaign and intensifying global conflicts, the economy is poised to end 2024 in a stable position. Inflation has come down substantially and economic growth remains relatively robust, particularly for the United States. But the outlook for 2025 remains murky, as President-elect Donald Trump’s policy changes could affect the economy in unpredictable ways.

These nine charts showcase major trends shaping business and the economy — and what to watch in the new year.

Stock market highs (upon highs)

At the end of 2023, the S&P 500 was surging toward a new high. In January, it finally reached it, driven in part by the “Magnificent Seven” tech stocks: Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla.

As the bull market continued to run, stock market highs became commonplace.

The S&P 500 closed at record highs 57 times this year, with some especially large surges after the election, though the rally has slowed in recent weeks (more on that later).

A year of rate cuts

A global cool-down in inflation, and with it, anticipation of an easing of monetary policy, have also helped fuel the blockbuster stock market.