Wall Street lost ground on Tuesday as investors closed the book on a remarkable year for equities, during which the U.S. stock market was powered to record highs by the twin engines of the artificial-intelligence boom and the U.

Investors head into the new year believing the economy on a firm footing. That wasn’t the case at the start of 2024, when even the most bullish analysts underestimated the strength of the market.

Wall Street is retreating in light premarket trading as the year draws to a close, lacking the euphoria that pushed markets to record highs in 2024