US stocks closed sharply lower on Monday, extending losses from Friday’s Big Tech-led sell-off. The S&P 500 and Nasdaq 100 fell 1% and 1.3%, respectively, while the Dow Jones Industrial Average fell 418 points, paring losses from more than 700 points earlier in the session. There was no specific news catalyst for the decline, although light holiday trading volumes added to market volatility. Big tech stocks remained under pressure, with Tesla losing 3.3%, Apple down 1.3% and Meta down 1.3%. By contrast, Nvidia rose 0.3%, helped by reports that ByteDance plans to invest $7 billion in its artificial intelligence chips despite US export restrictions. Among the 11 S&P sectors, energy was the only upside driver, helped by a rally in natural gas and oil prices. Despite recent setbacks, 2024 has been an exceptional year for stocks, with the Nasdaq 100 up 28%, the S&P 500 up 25%, and the Dow up 13%, giving the indices their biggest annual gains since 2021.
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