Stock market today: S&P 500, Nasdaq, Dow slide as strong year nears its close
Stocks fell on Monday, with the woes of the three major indexes
continuing
in the final week of the year as an otherwise strong 2024 comes to a close.
The benchmark S&P 500 (
^GSPC
) slipped more than 1% while the tech-heavy Nasdaq Composite (
^IXIC
) fell roughly 1.2%. The Dow Jones Industrial Average (
^DJI
) fell about 0.8%.
Stocks moved lower as the 10-year Treasury yield (
^TNX
) retreated from a seven-month high to hover near 4.55%.
Stocks
closed out last week with a Friday slide
from Big Tech names like Tesla (
TSLA
) and Nvidia (
NVDA
), with the Nasdaq Composite falling 1.5% and the S&P 500 down over 1%.
The highly anticipated
“Santa Claus” rally
, which is statistically
one of the most consistent seven-day positive stretches of the year for the S&P 500
, has
flopped thus far.
Since 1950, the S&P 500 has risen 1.3% during the seven trading days beginning Dec. 24, well above the typical seven-day average of 0.3%, according to LPL Financial chief technical strategist Adam Turnquist. In the current period, the S&P 500 is down nearly 1%.
With just two days of trading left in 2024, markets are hoping to recapture the momentum of this year’s gains. The benchmark S&P is up over 25% in 2024, while the Nasdaq has increased over 30%. The blue-chip Dow has risen a more modest 14%.
In a separate development,
the New York Stock Exchange
and the
Nasdaq
announced trading will be closed on Thursday, Jan. 9, for a day of mourning for former President Jimmy Carter, who
died Sunday
at the age of 100 at his home in Plains, Georgia.
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