The year in review – a relentlessly dynamic 2024
2024 brought a gold boom, a dovish turn for central banks, endless macroeconomic upheaval, and so much more. From the spectacular to the surprising, find out how the markets moved last year and how our clients traded in response.
Explore the key highlights of 2024
The standout events – and client reactions
The biggest Capital.com client trends
Notable client behaviour by region
What next?
From dramatic price growth in gold, the US 500, and AI assets to unpredictable monetary policy, 2024 was a whirlwind of a year for retail traders.*
Just as our clients were digesting the Federal Reserve's surprise jumbo rate cut in July, energy markets were rocked by OPEC+ production cuts that sent oil prices soaring. Meanwhile, as Nvidia's record-breaking earnings fuelled a surge in AI stocks, unexpected economic data from China would introduce a new level of uncertainty into market dynamics.
It’s never been boring – with each macroeconomic upheaval representing a potential strategy tweak for those navigating this dynamic landscape. And in this 2024 year in review, we’ll present the major events and price shifts of the year, as well as explore how they influenced the decisions of those at the forefront of the markets – traders like you.
*Past performance is not a reliable indicator of future results.
Q1: Nvidia/AI share price boom
2024 was the year of AI, and Nvidia stole the spotlight from the start. As AI tools like ChatGPT drove tech's explosive growth, Nvidia’s GPUs became the backbone of AI innovation – from training language models to generating hyper-realistic art and enabling real-time AI applications. Nvidia’s stock reflected this momentum, starting 2024 at $49 and almost doubling to $95 by the end of Q1.
How our clients reacted
By February, nearly 4% of first-time Capital.com trades involved Nvidia. What’s more, this figure climbed to over 8% by mid-year after its 10-for-1 stock split – showing that while the future may belong to AI, timeless corporate strategies can still resonate with investors.
Q2: Gold takes centre stage
As Q2 unfolded, economic uncertainties overshadowed Q1’s tech and AI rally. The ongoing Middle East and Ukraine wars, persistent inflation, and global recession fears shifted market sentiment. While stocks like Nvidia dominated earlier, traders increasingly turned to gold as a hedge against risks. Central banks remained cautious, crude oil prices surged due to supply disruptions, and inflation concerns grew – further boosting gold's appeal. Gold prices climbed from below $2,000 per troy ounce in February to $2,435 in May, gaining momentum as a stabilising force amid the worldwide unease.
How our clients reacted
During parts of Q2, gold had reaffirmed its traditional role as a safe haven asset, with record trading volumes from our clients. The graphic below highlights a spike in gold traders at the start of and throughout Q2, showcasing the asset’s resilience during geopolitical and economic volatility.
Q3: US 500 hits high after high
But the broad risk-off sentiment would only last so long. In Q3, focus shifted back to shares, with the US 500 making significant price gains. The index hit record highs in July, surging past 5600 on strong corporate earnings in tech and energy and a more dovish Fed signalling potential policy easing. However, late July brought a sharp dip as slowing growth in Europe and China, a correction for microchip stocks, and US-China trade tensions weighed on sentiment.
But then things reversed again. August saw a rebound to July highs – followed by a new peak above 5700 in September. The approaching US presidential election fuelled market activity, with traders speculating on its fiscal and sectoral impacts. The US 500 emerged as Q3’s standout event, drawing strong interest from those riding the bullish trend.
How our clients reacted
The graphic below shows a spike in trading activity among our clients when Biden exited the race, sparking market uncertainty. The perceived chance of a Trump victory dipped as a younger Democratic candidate reshaped the race. However, speculation about a Trump win would rebound as markets reassessed his business-friendly reputation.
*Past performance is not a reliable indicator of future results.
Q4: Tesla’s late-year bull run
As the dust settled on a politically charged Q3, the final quarter of 2024 belonged to Tesla, culminating in an all-time high of over $475 in December. The rally was fuelled by stronger-than-expected sales forecasts for 2025, progress in autonomous tech like the ‘Cybercab’ robotaxi, a potentially favourable political climate under President Trump, and bullish analyst upgrades. These factors combined to boost investor confidence and drive the stock to record levels.
How our clients reacted
Our clients’ trading activity mirrored Tesla’s remarkable Q4 performance. As the most-traded stock across all regions, Tesla attracted more traders compared to the previous quarter, with a higher number of trades than at any other time in 2024. However, the standout metric was trading volume, which soared to nearly $500 million in December, coinciding with the company’s all-time high share price.
*Past performance is not a reliable indicator of future results.
Our biggest client trading stories of 2024
From record-breaking profits in Switzerland to the UAE’s sizeable volume, 2024 gave us some fascinating data – whether it was Germany's strategic shares trading, Qatar’s commodity focus, or Kazakhstan's growing interest in Tesla.
United Arab Emirates (UAE): sizzling trading volumes
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#1 in number of trades: the UAE led with 19.5 million trades – double that of second-place Germany.
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#1 in trading volume: clients in the UAE traded $468.9 billion, far surpassing the UK.
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Most profitable traders: 62.53% of trades were exited with positive returns.
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Market variety: UAE traders were active across 23 instruments, including US Crude Oil Spot, and Gold.
Switzerland: profit climbed in the Alps
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#1 in total profit: Accumulated realised profit was $366.5 million, far surpassing the UAE's $90.7 million.
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Highest average profit per trade: $292.72 per winning trade over 2024.
Germany: risk-conscious equity enthusiasts
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Largest trading community: more than any other country.
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Risk managers: came top in share of trades using stop-loss at 29.64%.
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Equity enthusiasts: 15.68% of trades focused on equities, the highest share for this asset class globally.
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Instrument leaders: dominated in trades of Germany 40 and GameStop.
Qatar: where commodities conquered
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Commodity focus: 62.31% of trades were commodities – the highest globally for this asset class.
Australia: forex at the forefront
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Forex dominance: 20.58% of trades were FX, more than double the UK’s share.
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Currency concentration: led in trades involving AUD/JPY and AUD/USD pairs.
Kazakhstan: where Tesla drove the volume
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Tesla’s rising popularity: Most new traders came in to trade Tesla.
Top five assets with the highest win rates
These assets stood out for their consistency in producing profitable trades in 2024 (Each sample was 10,000 trades minimum).
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Wheat Spot: delivered the highest percentage of winning trades.
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Palladium Spot: showcased reliability in the precious metals market.
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US Crude Oil Spot: a staple in the commodities market, showing consistent success in 2024.
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UK 100: dominated the indices category, offering traders a steady stream of profitable opportunities.
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Tesla Inc: A favourite among traders, Tesla showed a high win rate in the equities space.
The five assets with the highest average gains
These assets showed an ability to generate substantial returns per trade in 2024.
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Amazon: showed the highest average gains over the year.
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Volatility Index: this instrument was a favourite for those seeking to capitalise on market fluctuations.
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Natural Gas Future: a reliable performer in the energy sector with solid average gains.
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Palladium Spot: showed a dual strength in both win rate and average returns.
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US Coffee Arabica Spot: a standout in agricultural commodities, consistently delivering substantial gains in 2024.
Please note that while some clients may have shown substantial returns on isolated trades in 2024, leveraged trading carries a high risk of losing money.
*Past performance is not a reliable indicator of future results.
By region: our clients’ preferred stock choices
These maps highlight the stocks that are most distinctively traded in each country. They represent the instruments traded by the largest proportion of our user base in that country, compared to the average trading activity for those stocks across the wider continent.
For example, Carrefour was 20 times more likely to be traded in France compared to the European average, with 1.7% of our French clients who traded at least one stock choosing it in 2024.
While the US 500, Gold, and Nvidia grabbed global headlines in 2024, Europe’s retail trading scene revealed unique, region-specific patterns driven by national loyalty, industry trends, and unexpected quirks. From Irish traders backing Ryanair to Swedes embracing Trump Media & Technology Group, local preferences stood out.
National pride and familiarity
European traders showed strong loyalty to local champions: British traders flocked to BAE Systems, the Irish backed Ryanair, and the Dutch gravitated toward PostNL. Meanwhile, Air Liquide led in France, Italians favored BCA MPS, and Hungarians supported Wizz Air, showcasing a regional fondness for homegrown success stories.
A Swedish Trumpmania?
Virgin Galactic stole the spotlight in Poland and Lithuania, while NIO captivated Slovakia and the Czech Republic, reflecting Central Europe’s speculative edge and industrial ties to EVs. Meanwhile, Sweden’s perhaps unexpected interest in Trump Media & Technology Group added intrigue, highlighting the year’s quirkiest trading trend.
Southern Europe lights up on cannabis
Cannabis stocks like Tilray resonated with traders in Portugal and Greece, while tech giants ruled Eastern Europe. Apple led in Ukraine, and GameStop’s meme stock appeal lingered in Bulgaria and Serbia. Nvidia’s dominance across Luxembourg and Slovenia underscored the AI revolution shaping 2024’s narrative.
While the US 500 and gold dominated the global trading spotlight in 2024, the Middle East carved out its own trading identity, marked by a blend of future-focused picks, regional ambition, and some unexpected standouts. From Saudi Arabia’s alignment with Lucid Group to Qatar’s surprising interest in cannabis stocks, the year showcased a unique flavour of investment trends.
A green future in the Gulf?
Saudi Arabia’s top pick, Lucid Group, mirrored the nation’s push toward EV leadership, with Oman’s traders echoing the theme by backing XPeng. These preferences underscored a perhaps surprising regional focus on sustainability and innovation, but did align broadly with government initiatives to diversify economies and invest in green technologies.
The unexpected frontrunners
Not all trends followed traditional narratives. Like we saw with Swedish traders, UAE speculators turned their attention to Trump Media & Technology Group, making it the year’s headline-grabbing choice in the Emirates also. Meanwhile, Qatar’s preference for Tilray highlighted a growing curiosity about alternative industries, including cannabis, which has seen a surprising rise in interest across global markets.
…and the mainstay stocks
In contrast, Bahrain and Kuwait opted for more established global names. Bahrain’s traders showed strong interest in Amazon, reflecting confidence in its continued dominance in global e-commerce. Kuwait leaned toward Pfizer, emphasising the region’s ongoing prioritisation of health and innovation in the post-pandemic world.
What next? Three key touchpoints for 2025
Our expert analyst shares her insight on the trends and movements that could shape the markets in the year ahead.*
Tariffs
The potential implementation of tariffs in 2025 remains uncertain, with significant implications for corporate margins and equity valuations. These tariffs, combined with anticipated tax cuts, are likely to drive up inflationary pressures. This could limit the Federal Reserve's ability to cut rates, creating additional uncertainty in markets.
Monetary policy
Monetary policy will likely remain a focal point, influencing carry trades and currency momentum. For example, if the Federal Reserve cuts rates less than the ECB, EUR/USD could weaken as the carry trade favours the dollar. The Bank of Japan, having started a hiking cycle after years of negative rates, may strengthen the yen in 2025 as further hikes reverse some of its prior devaluation.
Commodities
Oil prices are expected to remain volatile, balancing demand recovery in China with increased OPEC+ production. Geopolitical tensions could cause price spikes. Gold, on the other hand, may thrive in 2025 due to lower rates, weaker growth, and geopolitical risks, though resilience in the US economy could temper gains.