The Dow Jones Industrial Average dropped by 420 points on Monday, its largest single-day decline since November, as traders took profits ahead of year-end. The S&P 500 fell by 1.3% during the Santa Claus period, which began on Christmas Eve, marking its worst performance in nearly a decade.
Investors are waiting to see what happens in 2025, with Federal Reserve officials set to release their comments and data. The Fed is expected to keep interest rates unchanged or cut them by 25 basis points. Traders are also paying attention to the fourth-quarter earnings season, which kicks off in mid-January, as well as President-elect Donald Trump’s economic policies.
Boeing Co.’s stock fell on Monday after a deadly plane crash in South Korea, but its bondholders seemed unfazed. MicroStrategy Inc. sold off more of its common stock to raise funds for bitcoin purchases, marking its eighth straight week of stock sales and bitcoin investments. The blue-chip Dow Jones Industrial Average trimmed its losses from earlier in the session ahead of midday trade.
The bond market will close early on January 9 for President Jimmy Carter’s funeral, while the stock market will remain open.
Source: https://www.marketwatch.com/livecoverage/stock-market-today-dow-futures-fall-as-markets-wind-down-in-final-trading-sessions-of-2024