Nvidia, Tesla lead Big Tech declines as Dow, S&P 500, Nasdaq decline

The holiday-shortened week dashed hopes for a “Santa Claus” rally towards the end of 2024, sending stocks deeper into the red in Friday afternoon trading.

The S&P 500 (^GSPC) fell 1.7%, and the tech-heavy Nasdaq Composite Index (^IXIC) fell 2.3%. The Dow Jones Industrial Average (^DJI) fell 1.1%. Meanwhile, the 10-year US Treasury yield (^TNX) hovered around 4.6%, near a seven-month high.

Many of the tech industry’s biggest companies lowered broader metrics. Tesla (TSLA) fell nearly 5%, and Nvidia (NVDA) fell 3%.

An average of more than 24 million viewers watched the two NFL games on Netflix on Christmas Day, setting a league streaming record, according to Nielsen viewership data.

Kansas City Chiefs vs. Pittsburgh Steelers averaged 24.1 million viewers, and Baltimore Ravens vs. Houston Texans averaged 24.3 million viewers, making it the most streamed game with Beyoncé’s halftime performance. It was an NFL game. History is shown in data.

“Fans in all 50 states and more than 200 countries around the world were treated to Beyoncé’s stellar performance on a historic day for the NFL, as well as performances from some of the league’s brightest stars,” said Hans Schroeder, NFL executive vice president of media distribution. I watched it,” he said. statement.

Netflix’s partnership with the NFL highlights the streaming sports giant’s efforts to capitalize on live sports. And following last month’s boxing match, which was heavily criticized by social media influencers and boxers between boxers Jake Paul and Mike Tyson, the game and halftime show offered customers a showcase of glitch fare.

Some of the biggest tech companies that have racked up impressive gains this year are losing ground as investors take profits, rebalance portfolios and reassess lofty valuations. . Tesla (TSLA) fell more than 4% on Friday. Nvidia (NVDA) fell 3% and Amazon (AMZN) fell 2.5%.

All members of the Magnificent Seven celebrated Red Friday morning, dragging the entire market and pausing the “Santa Claus” rally heading into the final trading week of the year.

Alphabet (GOOG, GOOGL) and Microsoft (MSFT) fell more than 2%, while Meta fell just under 2%. Apple shares had the slowest decline, falling 1.5% after closing at an all-time high on Thursday, with a market cap approaching $4 trillion.

But even as investors flee from the technology’s name, losses come amid an epic rally.

The U.S. government has long targeted the country’s biggest tech giants, but in 2024 it missed the mark.

In August, the Justice Department won a major victory by convincing a federal district court judge that Google (GOOG, GOOGL) violated antitrust laws by abusing its search engine dominance.

What happened in 2024 could have future implications for other big players in the tech industry, reports Alexis Keenan of Yahoo Finance.

Apple (AAPL), Amazon (AMZN), and Meta (META) are all defending themselves against a series of other federal and state-led antitrust lawsuits, some of which make similar claims.

So far, Wall Street doesn’t seem perturbed. The so-called “Magnificent Seven” stocks of the world’s largest technology companies contributed to the market’s rally in 2024, thanks in part to advances related to artificial intelligence.

But the incoming Trump administration adds further uncertainty to the next chapter of Big Tech antitrust enforcement.

Read more about Washington’s changing stance on the biggest tech platforms.

U.S. stocks started weaker as Wall Street struggled to end a year that was largely victorious.

On Friday morning, the S&P 500 Index (^GSPC) was down about 0.8%, and the tech-heavy Nasdaq Composite Index (^IXIC) was down 1.3%. The Dow Jones Industrial Average (^DJI) fell 0.3%. Meanwhile, the 10-year US Treasury yield (^TNX) hovered around 4.6%, near a seven-month high.

With only three business days left in the lucrative year 2024, Wall Street is hoping to resume its “Santa Claus” rally towards the end of the year. The benchmark S&P 500 (^GSPC) is up more than 26% since the beginning of the year, and the Nasdaq Composite Index (^IXIC) is up more than 30%. The blue-chip Dow Jones Industrial Average (^DJI) rose an even more modest 14%.

Airline stocks soared in 2024, Bloomberg reports. The S&P Supercomposite Airline Stock Index rose 60% for the year, its biggest annual gain in 10 years.

Meanwhile, the S&P 500 (^GSPC) is up about 27% over this period.

Major airlines Delta Air Lines (DAL), United Airlines (UAL), Alaska Airlines (ALK), and JetBlue Airways (JBLU) were all down slightly on Thursday, but their annual profits were significantly higher than their S&P 500 peers. It is expected to record .

United Airlines is the group’s best-performing company, with its stock soaring 144% in 2024. Meanwhile, Alaska Airlines Group stock is up nearly 72% for the year. Delta Air Lines is up 55% and JetBlue is up 41% during that time.

American Airlines (AAL)’s performance was in line with its peers, but it fell short of Southwest Airlines’ (LUV) annual increase of 18%.

At the same time, Spirit Airlines (SAVEQ) struggled to survive post-bankruptcy and plummeted.