Wall Street’s main stock indexes opened sharply lower on Monday and hit their lowest in over a week — as sparse trading volumes and the specter of elevated Treasury yields cast a cloud over the traditionally strong year-end rally for equities. The Dow Jones Industrial Average plunged more than 650, or 1.52%, to 42,340.69, shortly after the opening bell, while the S&P 500 lost 89.52 points, or 1.51%, to 5,881.32 and the Nasdaq Composite plunged 326.47 points, or 1.66%, to 19,397.26.
The Dow halved its losses by the afternoonGrowth stocks such as Tesla and Meta dropped 3.1% and 2.2%, respectively. Chip company Broadcom lost 3.8%, sending the semiconductor index more than 2% lower. The weakness was atypical as equities tend to do well in the last five trading days of December and into the first two days of January, a phenomenon dubbed the Santa Claus rally. The S&P 500 has gained 1.3% on average during the period since 1969, according to the Stock Trader’s Almanac. The benchmark index eked out marginal gains last week, with analysts pointing to a strong run earlier in the year that sent valuations soaring. The index has been trading in a bull market for over two years and is poised to end its second consecutive year with gains of more than 20%. However, some analysts expect President-elect Donald Trump’s policies to be inflationary, with the yield on the benchmark 10-year note trading near its highest level since May 2024. On the day, it dipped to 4.548%
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