Friends
The tech sector continues to come under selling pressure and given the weighting of the magnificent seven, the market averages are simply unable to avoid the drawdown. Big chip maker Broadcom led the way lower on the Nasdaq and as mentioned, the selling pressure in what have been the year’s best performers continues to be problematic.
By the close, the Dow Jones Industrial Average was down 245 points to finish the day at 48,458. The S&P 500 was down 73 points to close at 6,827. The Nasdaq Composite Index was down 398 points to close at 23,195. Gold was up $14 to trade at $4,327 per ounce, while oil was down $.19 to trade at $57.41 per barrel WTI.
We have the Fed meeting behind us now so it will be interesting to see what market participants obsess over in the last couple of weeks of the year. Santa will soon be on his way, but it is unclear whether he has a rally in his sleigh for us. Despite the weakness in big tech names, with the Fed at their back, the bulls still would seem to have the upper hand as we near the end of the year. We’ll marinate some ice cubes this weekend and be back at it on Monday.
Have a great weekend everyone.
