US stocks close flat as Nasdaq extends weekly gains, S&P 500 and Dow dip
By Echo Wang
Fri December 13, 2024 4:40 PM
They’re calling yesterday and today both “a breather” as both the Nasdaq and Dow opened the session up 3-digits but began an almost immediate decline staying close to flat throughout the rest of the session and closing flat. It’s also being called a sell-off as investors take profits from recent highs, especially the Nasdaq recently breaking 20,000 for the first time. Still, despite PPI coming in hotter than expected yesterday, the odds of a ¼ point rate cut next week remains a virtual certainty, today even rising to 97% vs 96 yesterday.
Tech got a boost from a good report from Broadcom and its AI business with other AI companies following suit except Nvidia which continues to fall due to its legal entanglements in China. But the overall chip index is up 3.2% today. The Dow continues to fall following conventional wisdom that “it’s pretty natural for value and income stocks to go down when tech stocks are rising.” Daily volume is again falling short of the 14 billion average, today coming in at 12.5 billion.
DJ: 43,914.12 -234.44 NAS: 19,902.84
-132.05 S&P: 6,051.25
-32.94 12/12
DJ: 43,828.06 -86.06 NAS: 19,926.72 +23.88 S&P: 6,051.09 -0.16 12/13
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