Markets have been energized by receding inflation, which has gotten closer to the Federal Reserve’s 2% target. That raised hopes that the central bank would deliver multiple interest rate cuts into next year, which would ease borrowing costs and fuel more economic growth.

Stock indexes closed mostly lower on Wall Street on the final day of another record-setting year. The S&P 500 slipped 0.4% Tuesday, but still managed to rack up a gain of 23.3% for the year, its second straight year with gains of more than 20%.

Tesla slumped after it disclosed it delivered fewer vehicles in the last three months of 2024 than analysts expected. The electric-vehicle company’s stock fell 6.2%. Some Big Tech stocks, which have been leading Wall Street for most of the last few years,