Futures tied to the tech-heavy Nasdaq (NQ=F) and the S&P 500’s Dow Jones Industrial Average (YM=F) (ES=F) all fell lower Monday morning.
The decline came as 10-year Treasury yields (^TNX) hovered around a seven-month high of 4.6%.
Stocks ended last week with Friday’s decline in big tech names like Tesla (TSLA) and Nvidia (NVDA), with the Nasdaq Composite down 1.5% and the S&P 500 down more than 1%.
The highly anticipated “Santa Claus” rally, which is statistically one of the most consistently positive seven-day periods of the year for the S&P 500, has been a flop so far. Since 1950, the S&P 500 has risen 1.3% during the seven trading days beginning Dec. 24, well above the typical seven-day average of 0.3%, according to Adam Turnquist, chief technical strategist at LPL Financial. In the current period, the S&P 500 is down less than 0.1%.
But with just two trading days left in 2024, markets are hoping to recapture the bigger picture of the year: a year of gains. The benchmark S&P is up more than 25% this year, while the Nasdaq is up more than 30%. The blue-chip Dow Jones is up a more modest 14%.
Late Sunday evening, former President Jimmy Carter died at his home in Plains, Georgia, at the age of 100, the Carter Center said. Stock markets still open at 9:30 a.m. ET on Monday.
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