(Reuters) – Technology and growth stocks dragged Wall Street’s major indexes lower on Friday, at the end of an upbeat holiday week driven by expectations around a traditionally strong period for the markets.
The Dow Jones Industrial Average fell 0.82%, the S&P 500 fell 1.24% and the Nasdaq Composite briefly fell more than 2% before falling 1.80%.
Ten of the 11 major S&P sectors, including information technology and consumer discretionary, fell the most, down 2% and 1.9% respectively, after generating most of the broader market’s gains through 2024.
NOTES:
PETER TUZ, PRESIDENT, CHASE INVESTMENT BOARD, CHARLOTTESVILLE, VIRGINIA
“These are the things that happen at the end of the year. People have had a pretty good year, and it’s the typical end-of-year selling pressure caused by people taking profits, not a lot of buyers and not a lot of volume. “
“(There’s) no reason to jump in and buy these things at these valuations, and tax planning is on people’s minds this week and will take place on Monday and Tuesday. I don’t attribute it to a changing view of anything at the moment.”
“The Sinterklaas Rally is one of those historical statistics worth keeping an eye on, but due to the change in management and the possible change in policy you are likely to see more action than usual now. There is the potential for a lot of disruption in 2025.”
BRYCE DOTY, SENIOR PORTFOLIO MANAGER, SIT FIXED INCOME ADVISORS, MINNEAPOLIS
“Today, the market has really reacted to the implications of the coming taxes. The positioning of the taxes is overwhelming the other factors. But the more the Fed loses touch (with economic reality), the worse it is for stocks… Tax Trading will continue for the rest of the year.”
(Compiled by the Global Finance & Markets Breaking News team)
