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The Dow dropped over 400 points on Monday as lighter trading volumes were anticipated in the final days of 2024. The market experienced a wave of profit-taking, especially in the technology sector.
By the end of the day, the Dow Jones Industrial Average had dropped 418 points, or 0.97%. Meanwhile, the S&P 500 and the tech-heavy Nasdaq (NDAQ) Composite fell 1% each, reflecting broad-based weakness across key indices.
Please note that the New York Stock Exchange and Nasdaq will suspend trading on Thursday, January 9, in observance of a National Day of Mourning following the passing of former President Jimmy Carter. The 39th president of the United States, Carter, passed away on Sunday, leaving behind a legacy of public service and humanitarian efforts. Additionally, the bond market will operate on a modified schedule, closing early at 2:00 p.m. ET.
Tech stocks are in the red
Technology stocks were firmly in the red, continuing the downward trend from Friday. Amazon (AMZN) slid 2.2%, Apple (AAPL) lost 1.7%, Tesla (TSLA) dropped 2.8%, Microsoft (MSFT) fell 1.6%, Alphabet (GOOGL), the parent company of Google, declined 1.2%, and Meta Platforms (META) shed 1.8%.
SMCI, Micron, and other AI stocks continue to decline
AI stocks such as Super Micro Computer (SMCI), Palantir (PLTR), Nvidia (NVDA), and Micron Technology (MU) fell sharply, dropping by 3.6%, 2.5%, 0.2%, and 3.5%, respectively.