US stocks dropped for the second straight trading session as investors cashed in on strong gains for equities markets in 2024. The S&P 500, Wall Street’s main equities benchmark, fell 1.1 per cent on Monday, while the tech-heavy Nasdaq Composite dropped 1.2 per cent. Stocks had also pulled back significantly on Friday, with investors selling shares in large technology stocks that had posted big gains throughout much of 2024.
Torsten Sløk, chief economist at Apollo, echoed Lee’s sentiment, saying that worries interest rates will remain higher for longer than previously anticipated had weighed down particularly heavily on tech groups, which have powered this year’s gains on Wall Street. The so-called Magnificent Seven stock market behemoths — Apple, Microsoft, Meta, Amazon, Alphabet, Nvidia and Tesla — have driven about half of this year’s gains on the S&P 500, according to S&P Dow Jones Indices.
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