The Dow Jones Industrial Average closed down over 300 points on Monday, marking a significant drop as investors brace for the year-end. The tech-driven rally that propelled the market to record highs in 2024 appears to be losing momentum.
The Dow Jones shed 300 points on Monday as investors recoil at the year-end. The broad-market tech rally that bolstered indexes to record highs in 2024 looks set to evaporate. Most investors are sitting on the sidelines ahead of the midweek holiday closure. The Dow Jones Industrial Average (DJIA) shed over 300 points on Monday, plunging to a near-term low just south of 42,300 before a half-hearted recovery back to 42,500 as equities swoon in one of the last trading days of the year.
The broad-market tech rally, buoyed into lofty heights by even loftier investor expectations for the AI-fueled future, looks set to drain out of the markets for the time being. Markets are hurtling toward the new trading year on decidedly softer footing. The Dow Jones is down 5.5% from record highs set in late November following a two-week period of straight daily declines, a feat the index hasn’t achieved since the 1970s. Markets hit the holiday season in a flat spin, keeping the Dow Jones from further declines but also preventing a meaningful bullish recovery. After the midweek market closure for the New Year’s Day holiday, traders will be returning to the fold en masse in a much trickier environment than they expected through most of 2024. The Federal Reserve (Fed) has clamped down on the number of rate cuts it expects to deliver in 2025, forecasting a meager two 25 bps rate cuts through the calendar year before pausing. Despite the Fed’s insistence that their approach to interest rates remains ‘data dependent’, investors will have a hard time believing that incoming President Donald Trump’s strategy of sparking a trade war with everybody at the same time won’t have at least a marginal impact on the Fed’s policy stance. Dow Jones news The Dow Jones is broadly lower on Monday, with all but one of the index’s listed securities tilting into the red on the day. Nvidia (NVDA) is the only bright spot on the DJIA, rising a little over 2% and knocking on $140 per shar
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