Stock market today: Dow, S&P, Nasdaq slide on Big Tech losses, but weekly gains hold
Published On Dec 27, 2024, 4:05 PM
US stocks ended a holiday week on a down note, with the S&P 500 dropping 1.1%, the Nasdaq Composite down 1.5%, and the Dow Jones losing 0.8%. Notably, tech giants like Tesla, Nvidia, and Amazon faced significant losses as investors took profits. Despite the negative Friday, the S&P 500 achieved a weekly gain of 1.8%, highlighting a strong year overall. Investors are now closely watching the Federal Reserve's plans for interest rate changes in the upcoming year, amid ongoing concerns about inflation and a cooling labor market. With the end of the year approaching, the market expects a focus on economic data and potential impacts from the incoming Trump administration.
Stock Forecasts
TSLA
Negative
Tech stocks like Tesla, Nvidia, and Amazon are currently experiencing a sell-off as investors take profits and reassess valuations. As these stocks drop, the overall market may face downward pressure going into the new year, especially if the Fed maintains a tight monetary policy. However, the broader trend remains positive for tech stocks in the long run as AI investments grow.
NVDA
Negative
Given the anticipated interest rate decisions from the Federal Reserve in early January and potential economic shifts with the new administration, stocks may continue to experience volatility. Tech stocks, which had a banner year, face significant challenges, and investors should prepare for a period of correction in early 2025.
AMZN
Positive
Despite the recent decline in tech stocks, they have had strong annual performance and will likely rebound as economic conditions stabilize and inflation concerns are addressed. Stocks like Amazon, while facing short-term pressure, remain strong long-term choices due to their dominant market positions and growth potential. Investors might want to accumulate during this dip.
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