The stock market rally saw the major indexes fall on Wednesday but come off lows as Treasury yields extended their retreat. Shares of tech companies were notable decliners, with names like CrowdStrike and Dell Technologies falling on earnings reports. Nvidia stock also extended losses but managed to hold key support levels.
Late Wednesday, President-elect Donald Trump posted on Truth Social that he had spoken with Mexico President Claudia Sheinbaum, who he says agreed to stop illegal migration over the Mexican border. This development may alleviate concerns on Wall Street regarding Trump’s threat to impose 25% tariffs on Canada and Mexico, as well as a 10% additional tariff on Chinese goods, on his first day in office. Dow Jones futures rose 0.3% versus fair value early Friday.
S&P 500 futures advanced 0.2%, and Nasdaq 100 futures climbed 0.2%. The 10-year Treasury yield fell to 4.23%, and crude oil futures edged higher. Bitcoin rose to just above $97,000, moving back toward $100,000 after stopping just short of that mark on Nov.
22. The stock market rally had a generally weak session on Wednesday as weak tech earnings and continued Nvidia woes contributed to pre-holiday selling. Still, the key indexes are all up for the week, right around all-time highs.
Nvidia stock fell 1.15% to 135.34 on Wednesday, but came off lows to avoid closing below its 50-day moving average for the first time in two months. The AI chip giant has struggled since briefly popping out to a record 152.89 on Nov.
Stock market trends amid tariff concerns
21 following earnings. Investors don’t necessarily need to be taking much action at this point. Incremental buys or add-on purchases, as well as cutting losers and laggards, are recommended strategies.
Let your portfolio work for you by staying in sync with market direction and leading stocks and sectors. US stocks closed at record highs on Friday, capping off a winning month for all three major indexes. Friday’s rally marked the best post-Thanksgiving Friday session for the S&P 500 since 2012.
The S&P 500 is up more than 25% this year through November, and could clinch another 20%+ annual gain, marking the first time since 1998-99 that the benchmark index rose 20% or more in consecutive years. Wall Street’s research is currently dominated by discussions around Trump’s proposed tariffs on some of the US’s key trading partners. Capital Economics anticipates US imports might fall about 5% in the year after these tariffs are enacted.
For Canada and Mexico, the GDP impact could approach 1%. On the final trading day of November, all three major indexes opened higher. Early gains in the Dow were led by industrial names like Boeing and Caterpillar, both of which were up more than 1.2% in early trading.
Despite a furor set off by President-elect Donald J. Trump’s latest pronouncements about tariffs and immigration, the stock market resumed its upward surge in holiday-shortened trading on Friday.
