Wall Street closed lower as investors reflect on a remarkable year for equities, driven by the AI boom and the Federal Reserve's interest rate cuts. The major US stock indexes ended in negative territory, contrasting with the tumultuous year that preceded it. The Nasdaq surged nearly 30% in 2024, while the S&P 500 gained over 23%, marking its best two-year run since 1997-1998. Looking ahead to 2025, financial markets are pricing in additional interest rate cuts from the Fed, while investors are cautious about the impact of the incoming Trump administration and geopolitical instability.