Tech Stocks Weigh on Wall Street as Holiday Rally Starts

Tech and growth stocks dragged Wall Street's main indexes lower on Friday, at the end of an upbeat holiday-shortened week driven by expectations around a traditionally strong period for markets. Yields on some U.S. Treasury notes were higher on the day, with the ones on the benchmark 10-year note hovering near an over seven-month high it hit on Thursday. It was last at 4.591%. Rate-sensitive growth stocks dropped with Nvidia (NVDA.O), down 2.3% and Tesla (TSLA.O), off by 2.

8%, while Microsoft (MSFT.O), shed 1.1%. Among the 11 major S&P sectors, information technology (.SPLRCT), and consumer discretionary (.SPLRCD), fell the most, down about 1.3% each, after powering most of the broader market's gains in 2024. 'It feels like U.S. equity markets and investors are tepid heading into the end of the year. Nobody wants to be making any major moves before 2025 when the new administration comes in,' said Clayton Allison, portfolio manager at Prime Capital Financial. At 09:58 a.m. ET, the Dow Jones Industrial Average (.DJI), fell 98.04 points, or 0.23%, to 43,228.17, the S&P 500 (.SPX), lost 42.91 points, or 0.71%, to 5,994.68 and the Nasdaq Composite (.IXIC), lost 259.17 points, or 1.29%, to 19,761.26. The S&P 500 (.SPX), has still recovered most of last week's losses that stemmed from the U.S. Federal Reserve projecting fewer interest rate cuts in 2025 and hurting risk appetite. All three indexes are set for weekly gains, with the benchmark index ending Thursday about 1% below its all-time high of 6,099.97 points clinched on Dec. 6. With three sessions left to close out the year, markets are in the stock-buying season called the'Santa Claus rally' - the last five sessions of December and the first two of January. Since 1969, the S&P 500 has climbed 1.3% on average in the seven-day trading period, according to the Stock Trader's Almanac. 'If yesterday is any indication, we are kind of starting off not great on a Santa rall

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