Wall Street Declines as Tech Stocks Weigh Heavily on Market

December 28, 2024 - 06:17

NEW YORK — Technology stocks are exerting downward pressure on the market as Wall Street wraps up a holiday-shortened trading week. The S&P 500 index experienced a decline of 1.3%, with over 90% of its constituent stocks reporting losses. Despite this downturn, the benchmark index had previously managed to maintain a modest gain for the week, reflecting a volatile trading environment.

The Dow Jones Industrial Average also faced challenges, contributing to the overall decline seen across major indices. Investors are closely monitoring the performance of technology companies, which have been pivotal in driving market trends in recent years. As concerns about inflation and interest rates persist, market participants are reassessing their positions, leading to a cautious sentiment.

As the week concludes, analysts suggest that the market's performance will be influenced by upcoming economic data and corporate earnings reports, which could provide further clarity on the trajectory of the technology sector and the broader market.