Biggest Market Winners & Losers in 2024

The markets are notoriously volatile, and 2024 was no exception! Key market sectors made a comeback, while others experienced notable falls. 

In this yearly review, we recap 2024’s biggest market winners and losers and review what the market experts and analysts have to say about 2025. 

Let’s dive in:

TL;DR

• This year, Nvidia, Bitcoin, and Wall Street Indices were among the winners. 

• Intel, Moderna, cotton, and SolarEdge were among 2024’s losers. 

• Global GDP growth is projected at 3.3% in 2025, with inflation continuing to ease. 

• Labour markets will remain tight, and growth in the US and Eurozone is expected to be modest.

• China’s economic slowdown is anticipated to persist.

The Market Winners of 2024

NVIDIA

Similar to 2023, artificial intelligence (AI) continued to dominate the tech landscape, driving the stock prices of major AI companies, with Nvidia emerging as the primary beneficiary. Nvidia has significantly outperformed many of its peers this year as the chip giant continues investing billions into advancing AI technology. 

2024 has been a landmark year for the company, culminating in its achievement of becoming the world’s largest publicly traded company by market capitalisation, surpassing Apple (AAPL) in November. 

Moreover, numerous tech giants, including Microsoft (MSFT), have partnered with the company to leverage NVIDIA’s AI solutions. Fueled by soaring demand for AI, Nvidia has likely posted record sales this year, with its stock price surging by an astounding 191.2% from the start of the year to the present.

Interestingly, this success is projected to be sustained through 2025, as many analysts believe that Nvidia is poised to grow since the demand for its chips is outpacing the supply. Some even claim that Nvidia will soar to $50 trillion over the next 10 years as AI is expected to grow to $15.7 trillion (by 2030).

Bitcoin

It is no secret that the cryptocurrency market soared in 2024, fueled by the re-election of Donald Trump. Known for his pro-crypto policies, Trump’s return to office appears to have encouraged many traders to invest in cryptocurrencies, particularly Bitcoin. 

Additionally, 2024 marked a significant milestone in the crypto market with the long-awaited approval of spot Bitcoin ETFs by the US Securities and Exchange Commission (SEC) after years of attempts. This development has opened the door for more traditional trading, which was previously hindered by scepticism, regulatory challenges, and uncertainty. 

As a result of these events, Bitcoin hit a new all-time high when it surpassed $100k on 4 December and surged by over 122.2% since the beginning of the year and as of the time of writing.

It will be fascinating to observe how Trump’s administration will influence the crypto market in the coming year.

Wall Street Indices

Leading US indices shone in 2024, hitting new record highs. The S&P 500 (ES), the tech-heavy Nasdaq 100 (NQ), and the USA 30 (YM) rose by 27.3%, 31.7%, and 14.7% since the beginning of the year and as of the time of this writing, respectively. As per market analysts, they are even expected to continue gaining momentum throughout  2025.

Among the main reasons the indices market soared were more positive market sentiment driven by strong earnings reports, lower inflation, lower interest rates, and optimism surrounding Trump’s pro-growth policies.

Gold

Gold has gained 27.5% since the start of the year, driven by several factors: a surge in consumer demand fueled by holiday shopping, an increase in national gold reserves, and heightened economic uncertainty, which have boosted gold's appeal as a safe-haven asset. These combined elements have contributed to the impressive rise in bullion prices throughout the year.

Tesla

Tesla, which started the year less optimistically, has regained its momentum, rising by 86.1% as of the time of writing. This recovery has been fueled by growing optimism surrounding the Trump administration and Elon Musk's active involvement within it. 

Musk, who will lead Trump’s “Department of Government Efficiency” alongside Vivek Ramaswamy, can shift federal agencies’ policies and regulations, thereby positively influencing the automotive sector in general and Tesla in particular. 

The Market Losers of 2024

Intel

The tech giant Intel has been labelled one of the "10 worst-performing blue-chip stocks of 2024," with a significant 57.3% drop in its stock price since the beginning of the year. The company has reported larger-than-expected losses and announced layoffs, further weighing on its performance. While Nvidia emerged as the best-performing stock in the S&P 500, Intel found itself at the bottom of the list. 

According to reports, Intel is considering selling off parts of its business in an effort to mitigate losses. A major factor contributing to Intel's stock price decline is intensifying competition from rivals like Nvidia and AMD, which have been gaining ground in key markets.

Moderna

Once a standout performer in 2021, Moderna has become one of 2024’s biggest losers, losing 64.2% of its value. The company is struggling in the post-pandemic economy and was the most shorted healthcare stock in the S&P 500 in November. 

Its market cap has dropped significantly, from a 2021 high of $181 billion to just $17 billion in 2024. Adding to its challenges, the FDA detected severe side effects in trials for its RSV vaccine, raising concerns about its safety, and Moderna does not expect its RSV vaccine for infants under 2 years to progress beyond Phase I. 

Additionally, Moderna's stock price took an 8% hit following the nomination of vaccine-safety advocate Robert F. Kennedy Jr. to head the Department of Health and Human Services, further exacerbating the company's troubles.

Cotton

Cotton, a staple commodity, lost 13.7% of its value in 2024, driven by a combination of factors. Increased competition between cotton-producing countries led to a surge in supply, while cost-conscious shoppers increasingly opted for clothes made from cheaper fabrics. Additionally, challenges such as lower sowing rates, temperature fluctuations, pest attacks, and rising production costs further impacted the cotton market.

SolarEdge

Clean energy company SolarEdge plunged by 83.8% since the start of the year as it revealed weak earnings and a review decline due to rising competition, lower shipments and fewer installations.

Nio

Chinese EV company Nio dropped by 45.1% this year as it experienced higher competition and lower demand, causing it to plummet. Other factors that shifted Nio’s stock price were the economic uncertainties that emerged from China. 

What to Expect in 2025

The OECD's Economic Outlook forecasts global GDP growth of 3.3% in 2025, with inflation expected to ease to 3.8% in 2025 and 3.0% by 2026. Labour markets remain tight, but consumer confidence is weak, limiting growth in private consumption. The US and Eurozone are set to see modest growth, while China’s economy continues to slow. The report stresses the need for prudent monetary and fiscal policies, alongside structural reforms, to tackle labour shortages, boost productivity, and improve long-term growth potential. Still, only time will reveal what lies ahead. (Source: OECD)

Conclusion 

2024 has been a volatile year, with some major players like Nvidia and Bitcoin soaring while others like Intel and Moderna faced significant losses. 

Looking ahead to 2025, global growth remains steady, with a projected 3.3% GDP increase. 

However, economic challenges continue to pose risks. Maintaining stable inflation and labour market reforms will be crucial for long-term growth.

FAQs:

Which sectors performed best in 2024? 

Tech, especially AI-driven companies like Nvidia and Bitcoin, saw significant gains.

What’s the forecast for global growth in 2025? 

Global GDP growth is projected at 3.3%, with inflation easing. 

How is China’s economy expected to perform? 

China’s growth is expected to slow, continuing its trend from 2024.