US stocks opened on a downbeat note as Wall Street slogged to the finish of a largely triumphant year.
The S&P 500 (^GSPC) lost 1.5%, while the tech-heavy Nasdaq Composite (^IXIC) shed 2.2% Friday morning. The Dow Jones Industrial Average (^DJI) gave up 1%. Meanwhile, the 10-year Treasury yield (^TNX) hovered near seven-month highs around 4.6%.
After stacking impressive gains this year, some of the biggest names in tech are losing ground as investors take profits, rebalance their portfolios, or reassess their lofty valuations. Tesla (TSLA) on Friday lost more than 4%. Nvidia (NVDA) gave up 3%, while Amazon (AMZN) decreased by 2.5%.
Wall Street has just three trading days remaining in a 2024 full of big gains, but markets have been unable to mount a “Santa Claus” rally into the end of the year.
Markets have largely digested the year’s remaining key economic data points, and investors are now turning their attention to two big themes for the coming year: the Federal Reserve’s path for interest rates and the implications of Donald Trump’s ascent back to the White House.
On the former, stocks have largely taken in stride the Fed’s plans to scale back rate cuts next year after an initial plunge last week. Bets have now shifted squarely to May as the next meeting at which the Fed will slash interest rates, as it continues to grapple with stubborn inflation while keeping a close eye on a cooling labor market.
And on the latter, Yahoo Finance’s Ben Werschkul writes that while Trump talked up his big plans during the campaign, especially on the economy, those plans could soon face a reality check from other key power players.
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The year Washington tried to humble Big Tech
The US government long had the nation’s biggest tech giants in its sights, and in 2024, it hit bull’s-eye.
The big victory came in August when the Justice Department convinced a federal district court judge that Google (GOOG, GOOGL) had abused its search engine dominance and violated antitrust law.
What transpired in 2024 could have future implications for some of the other big names in the tech world, reports Yahoo Finance’s Alexis Keenan.
Apple (AAPL), Amazon (AMZN), and Meta (META) are all defending themselves against a series of other federal- and state-led antitrust suits, some of which make similar claims.
For now, Wall Street doesn’t appear rattled. The so-called Magnificent Seven stocks of the world’s largest technology companies helped push the market higher in 2024, thanks partly to advancements around artificial intelligence.
But the incoming Trump administration adds another layer of uncertainty to the next chapter of Big Tech antitrust enforcement.
Read more about Washington’s changing posture towards the biggest tech platforms.
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Stocks slump but head for winning week
US stocks opened on a downbeat note as Wall Street slogged to the finish of a largely triumphant year.
The S&P 500 (^GSPC) lost about 0.8%, while the tech-heavy Nasdaq Composite (^IXIC) shed 1.3% Friday morning. The Dow Jones Industrial Average (^DJI) lost 0.3%. Meanwhile, the 10-year Treasury yield (^TNX) hovered near seven-month highs around 4.6%.
Wall Street has just three trading days remaining in a 2024 full of big gains and is hoping to resume a “Santa Claus” rally into the end of the year. The benchmark S&P 500 (^GSPC) is up more than 26% on the year, while the Nasdaq Composite (^IXIC) is up over 30%. The blue-chip Dow (^DJI) has risen a more modest 14%.
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Airline stocks see best performance since 2014
Airline stocks soared in 2024. The S&P Supercomposite Airlines Index has climbed 60% for the year — its biggest yearly gain in a decade, Bloomberg reports.
Meanwhile, the S&P 500 (^GSPC) has risen roughly 27% over that time frame.
While major airlines Delta (DAL), United (UAL), Alaska (ALK), and JetBlue (JBLU) were all down slightly Thursday, they are set to post yearly gains far ahead of their S&P 500 peers.
United Airlines is the best performer of the group — its stock soared 144% in 2024. Meanwhile, Alaska Air Group shares are up nearly 72% for the year. Delta Air Lines rose 55% in that timeframe, and JetBlue climbed 41%.
American Airlines’ (AAL) performance was in line with its peers, while Southwest Airlines’ (LUV) 18% gain for the year fell behind.
At the same time, Spirit Airlines (SAVEQ) plummeted as it struggled to stay afloat post-bankruptcy.
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