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
) dropped about 1.6%, while the tech-heavy Nasdaq Composite (
^IXIC
) slid roughly 1.7%. The Dow Jones Industrial Average (
^DJI
) was off more than 1.6%.
Stocks’ move lower came as the 10-year Treasury yield (
^TNX
) retreated from a seven-month high to hover near 4.56%.
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
been a flop 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 less than 0.1%.
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 in 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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