Friends
The weakness in tech/AI stocks continues and the market averages, especially the Nasdaq, continue to lose ground as we get closer to year end. Instead of taking a victory lap the stocks that have been the leaders all year long are now cowering nervously in the corner, hoping that market participants shift their focus elsewhere.
By the close, the Dow Jones Industrial Average was down 228 points to finish the day at 47,885. The S&P 500 was down 78 points to close at 6,721. The aforementioned Nasdaq was down 418 points to close at 22,693. Gold was up $40 to trade at $4,372 while oil was up $1.25 to trade at $56.52 per barrel WTI.
This has been a year where seasonal norms have not played out as expected and this slump into the Christmas break is just another example. Maybe the bulls will step in and buy some of the tech wreckage soon. As we’ve mentioned, without the heavily weighted tech names, the market averages will have trouble generating a year end push to new highs. I hope the man in the red suit has some nice presents for the bulls next week.
Have a nice evening everyone.
