U.S. STOCKS END DOWN – Tech shares drop ahead of New Year
Wall Street’s main indexes ended lower, kicking off the final week of the year on a softer note, as heavyweight technology stocks retreated from last week’s gains that had pushed the S&P 500 to record highs.
The information technology sector weighed on the S&P 500, as most tech and AI-linked stocks declined, such as Nvidia and Palantir Technologies.
According to preliminary data, the S&P 500 lost 23.84 points, or 0.34%, to end at 6,906.10 points, while the Nasdaq Composite lost 118.75 points, or 0.50%, to 23,474.35. The Dow Jones Industrial Average fell 242.43 points, or 0.50%, to 48,468.54.
Some investors were hoping for a “Santa Claus rally”, a seasonal phenomenon where the S&P 500 typically posts gains in the last five trading days of the year and the first two in January, according to Stock Trader’s Almanac.
All three indexes were headed for firm monthly gains, with the Dow and S&P 500 on pace for their eighth consecutive month in the green.
