The Dow Jones Industrial Average closed 0.1% lower Tuesday as other major indexes also fell and weakened late in the session of the stock market today.
The S&P 500 fell 0.4%, up about 23% this year. The index closed below its 50-day moving average for a second straight session. The Nasdaq lost 0.9% to lock in a gain of about 28% for 2024. It held above the 50-day line but remained below the 21-day exponential moving average. The Dow climbed nearly 13% for the year.
Volume on the NYSE was lower but trading rose on the Nasdaq compared with the same time on Monday, according to preliminary data.
Despite index losses, advancers outnumbered decliners by 8-to-4 on the NYSE, but on the Nasdaq losers topped winners by an 8-to-7 ratio, according to FactSet.
The small-cap Russell 2000 trimmed its gain to less than 0.1%, while the Innovator IBD 50 ETF underperformed with a 1.7% drop.
The yield on the benchmark 10-year Treasury note rose three basis points to 4.57%.
Bond markets closed at 2 p.m. ET Tuesday and will be closed all day Wednesday. The stock market will be closed for New Year's Day also.
Palantir slipped for a fourth straight day on the stock market today. It held above its 50-day line. The stock is 2024's top gainer in the S&P 500 and rose about 340% for the year. The AI software leader joined the Nasdaq 100 on Dec. 23. It joined the S&P 500 on Sept. 23.
MicroStrategy fell more than 5% and sank further below the 50-day moving average after a huge bitcoin purchase. The company bought $209 million of the digital token from Dec. 23 to Sunday and holds 446,400 bitcoins now. The stock is more than 40% below its Nov. 21 peak.
1:45 p.m. ET
Dow Jones Stocks: Nvidia, Broadcom Drive Bearish Trend
In the Dow industrials, Nvidia was down more than 2% on the final trading day of the year. Nvidia shares remain below the 50-day moving average but are forming a double-bottom base.
On Tuesday, the company completed its acquisition of Run.ai after getting approval from the EU. Run.ai makes software for AI workload management.
Chip stocks did not fare well as a whole. The PHLX Semiconductor Index was down 1% in afternoon trading. The 50-day moving average has now crossed slightly below the 200-day moving average. Traders know that as a "death cross," which is a potential bearish shift in a longer price trend. According to Dow Jones Market Data, the last time the index showed a death cross was on March 17, 2022. Chip stocks in the index fell 10% over the next month and 23.4% over the next three months.
For the iShares Semiconductor ETF, the death cross occurred in November. Nvidia, Broadcom and Advanced Micro Devices account for 25% of the ETF.
12:15 p.m. ET
Nike, Merck Among Dow Risers
Top gainers in the Dow included Nike and Merck, which bounced 1% and 0.5% respectively.
Apple fell slightly while Microsoft and Amazon reversed modestly lower.
Updated 10.43 a.m. ET
Stock Market Today: Warren Buffett's Holiday Pick In Buy Zone
VeriSign rose 1% and remained in a buy zone from a buy point of 202.74. Shares broke out from a long cup with handle base on Thursday.
Warren Buffett's Berkshire Hathaway bought more shares of VeriSign last week, increasing its stake in the software company to more than 10%.
Stock Market Caps Best Two-Year Gain Of 21st Century
In housing data, the Case-Shiller Home Price Index rose 0.3% in October, above views for a 0.2% increase. But the Federal Housing Finance Agency's home price index showed that prices rose 0.4%, lower than the consensus estimate of 0.5%, in October.
Tesla is on track to snap a three-day losing streak and gained about 1% ahead of fourth-quarter deliveries data due on Thursday. The EV giant delivered 462,890 vehicles in the third quarter and analysts expect 510,000 deliveries in Q4. Tesla guided for 515,000.
Top, Worst 2024 Performers
Among the top 2024 performers in the S&P 500, Vistra and Nvidia were little changed Tuesday morning. Vistra is testing the 50 day moving average.
Besides Palantir, United Airlines, Axon Enterprise fell and are extended from their latest buy points.
Acadia Pharmaceuticals soared more than 11%. The biotech will join the S&P 600 small-cap index on Friday.
Among the year's worst performers, Moderna rose 3%. Shares are in an extended downtrend. Intel and Walgreens, also among the worst performing stocks of the year, rose modestly.
Are These Magnificent Seven Stocks A Buy Now?
Alphabet | Amazon | Apple | Meta | Microsoft | Nvidia | Tesla
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