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Stocks Close Lower as Tech Stocks Drag Down Market

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STOCK MARKET,TECHNOLOGY,NASDAQ

Wall Street ended a shortened holiday week on a down note, with stocks closing lower. The S&P 500 fell 1.1%, the Dow Jones Industrial Average lost 0.8%, and the Nasdaq composite dropped 1.5%. Technology stocks, led by declines in Nvidia, Tesla and Microsoft, weighed heavily on the market. Despite Friday's loss, the S&P 500 still managed a modest gain for the week and is on track for its second consecutive annual gain of over 20%.

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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