The pain continued for investors on Tuesday, with the Dow falling as much as 700 points after Trump threatened fresh tariffs on Canadian metal imports.
The S&P 500 gained 1% on Friday, capping off the last trading day of Biden's presidency and marking the best week since the election.
A monthlong stock market decline sparked by surging bond yields could be interrupted by strong 4th quarter earnings.
Nvidia, AMD, and Broadcom sold off after the Biden Administration released new AI chip export rules late Friday.
Stock market closures are rare outside of regular holidays. Other events that closed the market include Hurricane Sandy and the September 11 attacks.
Donald Trump hit back on Truth Social at a Washington Post report, saying his tariff policies wouldn't be watered down.
Stocks hit session highs around the same time Congressman Mike Johnson was reelected as Speaker of the House.
The Dow ended more than 400 points lower on Monday, clawing back some of the deepest losses from earlier in the day.
According to Fairlead Strategies founder Katie Stockton, the recent weakness in the stock market flashed a technical "sell" signal.
The Dow closed slightly higher on Thursday while the Nasdaq and S&P 500 closed lower in the second day of a so-called Santa Claus rally period.
Indexes fell in their first trading day after Christmas as traders hope for a so-called Santa Clause rally to propel markets higher into the new year.
Today marks the official start of the Santa Claus trading window, which is historically a bullish 7-day stretch for stocks.
A cooler-than-expected PCE print for the month of November has Fed president Austan Goolsbee encouraged about future interest rate cuts.
After Wednesday's rate decision, investors will watch the Friday morning release of November PCE data, which will help inform future Fed policy.
Fundstrat's Tom Lee said stocks should rally into year-end due to favorable seasonals and a "buy the dip" mantra among active fund managers.
"Recent Fed speak suggests it will be a live meeting and cuts beyond December aren't a guarantee," Bank of America said.
There was a 3.4% year-over-year increase in US retail sales on Black Friday, with online sales driving the bulk of the gains, according to Mastercard
Looking ahead this week, investors will be laser-focused on Nvidia's earnings report, which is due after the market closes on Wednesday.
The Trump trade was largely extended on Monday, with shares of Tesla, bitcoin, the US dollar, and US bank stocks all surging.
Tech
2024-11-11T10:00:02Z
Intel faces challenges after losing its Dow Jones spot to Nvidia. Federal aid under the CHIPS Act could bolster US semiconductor production.