Wall Street indexes fell due to rising yields, impacting select shares, while hopes for a Santa rally remain

From Investing.com: 2024-12-26 09:41:41

Wall Street indexes dipped with rising yields, hurting shares, amid hopes for a year-end Santa Claus rally. Government bond yields rose, with the 10-year note hitting 4.64%. Amazon and Meta Platforms saw losses, while real estate and consumer discretionary sectors declined. Markets in Europe, London, and parts of Asia were closed.

Megacap and growth stocks like Apple, Tesla, and Amazon have driven the S&P 500’s 28.4% return this year. Without these stocks, the index’s return would have been 13.2%. U.S. stocks face challenges post-election rally as investors question the rally’s sustainability due to stretched valuations.

Investors are banking on a Santa Claus rally to close the year strong. The S&P 500 has historically gained 1.3% in the last five trading days of December and the first two days of January since 1969. A December without a Santa rally has led to weaker-than-average years.

New jobless claims fell below expectations, while cryptocurrency-related stocks dropped as bitcoin fell over 3%. Coinbase Global, Riot Platforms, and Mara Holdings saw declines. Declining issues outnumbered advancers on both NYSE and Nasdaq. S&P 500 recorded new highs and lows.



Read more at Investing.com: Wall Street slips as rising yields pressure some shares By Reuters