NEW YORK — Stocks are closing lower as Wall Street ends a holiday-shortened week on a down note. The S&P 500 fell 1.1% Friday and the the Dow Jones Industrial Average lost 333 points, or 0.8%. The Nasdaq composite dropped 1.5%. The “Magnificent 7” stocks weighed on the market, led by declines in Nvidia, Tesla and Microsoft.
Technology stocks were the biggest weight on the market Friday. Semiconductor giant Nvidia slumped 2.7%. Its enormous valuation gives it an outsize influence on indexes. Other Big Tech stocks losing ground included Microsoft, with a 2% decline. The S&P 500 gained nearly 3% over a 3-day stretch before breaking for the Christmas holiday. On Thursday, the index posted a small decline.
The gains have been driven partly by upbeat economic data showing that consumers continued spending and the labor market remained strong. Inflation, while still high, has also been steadily easing. Even though Inflation has come closer to the central bank's target of 2%, it remains stubbornly above that mark and worries about it heating up again have tempered the forecast for more interest rate cuts.
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