US Stocks Fall as Tech Rally Stumbles Before Year-End

US equity futures dropped as a powerful rally in technology shares falters in the final trading sessions of 2024. S&P 500 and Nasdaq 100 contracts slumped by about 1%, signaling further weakness on Wall Street after Friday’s retreat, which was marked by a pullback in tech megacaps. Europe’s Stoxx 600 index retreated, while Asian stocks snapped five days of gains. Trading volumes were thinner because of the holiday season.

The so-called Magnificent Seven cohort of US tech giants has driven a 25% advance in the S&P 500 this year, while prompting some to worry that the gains are too concentrated in a small group of names. Still, few are calling for the rally to end and none of the 19 strategists tracked by Bloomberg expects the S&P 500 to decline next year. “In these moments, it’s best to stay put,” said Nicolas Domont, a fund manager at Optigestion in Paris. “The US remains the place to be. Growth stocks continue to outperform and earnings forecasts are good, so there are good reasons to remain optimistic.” Treasuries rose, with 10-year yields dropping from near the highest levels since May. The euro strengthened and German bonds erased an earlier advance after data showed Spanish inflation accelerated more than anticipated, supporting the case for gradual interest-rate cuts from the European Central Bank. The Bloomberg Dollar Spot Index kept to a narrow range after rising more than 7% in 2024, driven by the anticipation of “America First” policies from President-elect Donald Trump. “There’s a little bit of trepidation heading into year-end, owing in part to uncertainty over how the international trade picture may take shape in 2025,” said Tim Waterer, chief market analyst at Kohle Capital Markets Pty. “Some traders are taking risk off the table heading into year-end.” Trading in Europe’s equity benchmark was about half of the 30-day averag

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