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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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