Tech and chip stocks drag market down, Boeing down 3%, energy stocks see support

From Nasdaq: 2024-12-30 12:07:31

Stocks are down today, with the S&P 500, Dow Jones, and Nasdaq 100 hitting 1-week lows. Tech and chip stocks are dragging the market, with Boeing down over 3% after a crash. Year-end profit-taking is also affecting prices. Energy stocks see support from WTI crude oil rally.

Low volumes during the holiday week may exaggerate stock moves. Markets await US Dec ISM manufacturing index on Friday. Odds of a -25 bp rate cut at Jan FOMC meeting are at 11%. Overseas markets mixed, with Euro Stoxx 50 down, China up, and Japan down.

March 10-year T-notes up on safe-haven demand as equities slump. European bond yields lower. Spain’s Dec CPI stronger than expected. ECB member cautious on rate cuts. Market pricing in ECB rate cut in January. Mega-cap tech stocks like Tesla and Meta Platforms down over 2%.

Boeing leads Dow losers after plane crash. Axsome Therapeutics down after trial results. MicroStrategy down after Bitcoin purchase. Energy stocks up on crude oil rally, with Coterra Energy and Devon Energy gaining. V2X Inc awarded $170 million contract.

Earnings reports from Gencor Industries Inc (GENC) and Renovaro Inc (RENB) on 12/30/2024.



Read more at Nasdaq: Weakness in Tech Stocks Weighs on the Overall Market