Stocks fell in early trading Friday as the Santa Clause rally that kicked off earlier in the week loses steam.
The Dow Jones Industrial Average was down 0.3% about 15 minutes after the opening bell, while the S&P 500 and Nasdaq Composite tumbled 0.7% and 1.2%, respectively. The major indexes had closed near unchanged on Thursday, with the Dow inching higher to extend its winning streak to five sessions.
Despite the sluggish performance for stocks since the Christmas break, the major indexes remain on track to post weekly gains. The Dow, S&P 500 and Nasdaq all fell last week, the first time in five weeks all three had lost ground, as the market hit the brakes on a huge post-election surge.
Mega-cap technology stocks were down across the board in early trading Friday, led by declines of more than 2% for AI investor favorite Nvidia (NVDA) and EV maker Tesla (TSLA). Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), Meta Platforms (META) and Broadcom (AVGO) were also losing ground. Apple entered the session on the verge of becoming the first company to ever have a market capitalization of more than $4 trillion.
The yield on 10 year Treasurys, which is correlated with expectations about where interest rates are headed, was up slightly at 4.59% this morning.
Bitcoin was at $95,100, down from an overnight high of around $97,000. Gold futures were down 1% at $2,630 an ounce, while crude oil futures rose about 1%.
Major Indexes on Track to Post Weekly Gains
16 minutes ago
Major U.S. stock indexes came into Friday’s session on track to post weekly gains, rebounding from last week’s downturn.
The Nasdaq Composite was up 2.3% for the week through Thursday’s close, while the S&P 500 and Dow were both up more than 1%.
The indexes fell last week, the first time in five weeks that they had done so concurrently. The Dow would break a three-week losing streak if it hangs on to gains this week, while the S&P 500 would snap a two-week losing run. The Nasdaq fell last week for the first time in five weeks.
Futures Point to Lower Open for Major Indexes
1 hr 26 min ago
Futures tied to the Dow Jones Industrial Average, S&P 500 and Nasdaq 100 were each down 0.4% about an hour before Friday’s opening bell. The indexes, however, remain on track to post weekly gains, rebounding from last week’s downturn.
Dow Jones Industrial Average Futures
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S&P 500 Futures
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Nasdaq 100 Futures
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