US stocks fell on Friday, snapping a three-week losing streak, as concerns over Donald Trump’s potential trade policy and interest rate expectations weighed on the market. The Dow Jones Industrial Average dropped 0.8% to 42,693, while the Nasdaq Composite declined 1.8% to 19,663.
Despite the pullback, major US equity indexes were still poised for a weekly gain during a holiday-shortened week with light trading volume. Investors are now focusing on the Christmas week’s “Santa Claus rally,” where the S&P 500 index has historically posted gains of 1.29% in the period from Dec 24 to Jan 3.
Oil prices rose slightly, driven by fears over Israeli strikes against Yemen’s Houthi rebels. West Texas Intermediate crude for February delivery gained 0.9% to $70.21 a barrel on the New York Mercantile Exchange.
In corporate news, shares of QuantumScape Corp jumped 3%, while American Battery Technology Co shares surged 18%. However, reAlpha Tech Corp shares fell 10%.
Stock-index futures also fell on Friday, but investors are expecting markets to remain relatively composed through to the end of 2024. The Dow Jones Industrial Average, Nasdaq 100, and S&P 500 indexes were still on track to finish the Christmas week higher.
Investors will be watching for new releases from the US Census Bureau, including its November Advanced US trade balance in goods, Advanced retail inventories, and Advanced wholesale inventories reports.
Source: https://www.marketwatch.com/livecoverage/stock-market-today-dow-futures-fall-as-investors-prepare-for-trade-balance-data