NEW YORK (AP) — Technology stocks are dragging down the market Friday as Wall Street closes out a holiday-shortened week.
The S&P 500 fell 1.3%, with more than 90% of stocks in the benchmark index losing ground. The benchmark index was managing to hold onto a modest gain for the week.
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FILE - The New York Stock Exchange is shown behind the statue titled "Fearless Girl", Thursday, Dec. 12, 2024, in New York. (AP Photo/Julia Demaree Nikhinson, File)
FIL:E - The New York Stock Exchange is shown in New York's Financial District on Dec. 23, 2024. (AP Photo/Peter Morgan, File)
FIL:E - People photograph the New York Stock Exchange in New York's Financial District on Dec. 23, 2024. (AP Photo/Peter Morgan, File)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, Dec. 27, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, Dec. 27, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)
People wait in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, Dec. 27, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, Dec. 27, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)
People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, Dec. 27, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)
The Dow Jones Industrial Average fell 418 points, or 1%, to 42,878 as of 1:43 p.m. Eastern time. The Nasdaq composite fell 1.8%.
Technology stocks were the biggest weight on the market Friday. Semiconductor giant Nvidia slumped 2.7%. Its enormous valuation gives it an outsize influence on indexes. Other Big Tech stocks losing ground included Microsoft, with a 2% decline.
A wide range of retailers also fell. Amazon fell 1.9% and Best Buy slipped 1.8%. The sector is being closely watched for clues on how it performed during the holiday shopping season.
Energy stocks held up better than the rest of the market, with a loss of just 0.1% as crude oil prices rose 1.4%.
The S&P 500 gained nearly 3% over a 3-day stretch before breaking for the Christmas holiday. On Thursday, the index posted a small decline.
“There's just some uncertainty over this relief rally we've witnessed since last week,” said Adam Turnquist, chief technical strategist for LPL Financial.
Despite Friday's drop, the market is moving closer to another standout annual finish. The S&P 500 is on track for a gain of around 25% in 2024. That would mark a second consecutive yearly gain of more than 20%, the first time that has happened since 1997-1998.
The gains have been driven partly by upbeat economic data showing that consumers continued spending and the labor market remained strong. Inflation, while still high, has also been steadily easing.
A report on Friday showed that sales and inventory estimates for the wholesales trade industry fell 0.2% in November, following a slight gain in October. That weaker-than-expected report follows an update on the labor market Thursday that showed unemployment benefits held steady last week.
The stream of upbeat economic data and easing inflation helped prompt a reversal in the Federal Reserve's interest rate policy this year. Expectations for interest rate cuts also helped drive market gains. The central bank recently delivered its third cut to interest rates in 2024.
Even though Inflation has come closer to the central bank's target of 2%, it remains stubbornly above that mark and worries about it heating up again have tempered the forecast for more interest rate cuts.
Inflation concerns have added to uncertainties heading into 2025, which include the labor market’s path ahead and shifting economic policies under incoming President Donald Trump. Worries have risen that Trump’s preference for tariffs and other policies could lead to higher inflation, a bigger U.S. government debt and difficulties for global trade.
Amedisys rose 4.7% after the home health care and hospice services provider agreed to extend the deadline for its sale to UnitedHealth Group. The Justice Department had sued to block the $3.3 billion deal, citing concerns he combination would hinder access to home health and hospice services in the U.S.
The move to extend the deadline comes ahead of an expected shift in regulatory policy under Trump. The incoming administration is expected to have a more permissive approach to dealmaking and is less likely to raise antitrust concerns.
In Asia, Japan’s benchmark index surged as the yen remained weak against the dollar. Stocks in South Korea fell after the main opposition party voted to impeach the country’s acting leader.
Markets in Europe gained ground.
Bond yields held relatively steady. The yield on the 10-year Treasury rose to 4.61% from 4.59% late Thursday. The yield on the two-year Treasury slipped to 4.31% from 4.33% late Thursday.
Wall Street will have more economic updates to look forward to next week, including reports on pending home sales and home prices. There will also be reports on U.S. construction spending and snapshots of manufacturing activity.
FILE - The New York Stock Exchange is shown behind the statue titled "Fearless Girl", Thursday, Dec. 12, 2024, in New York. (AP Photo/Julia Demaree Nikhinson, File)
FIL:E - The New York Stock Exchange is shown in New York's Financial District on Dec. 23, 2024. (AP Photo/Peter Morgan, File)
FIL:E - People photograph the New York Stock Exchange in New York's Financial District on Dec. 23, 2024. (AP Photo/Peter Morgan, File)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, Dec. 27, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, Dec. 27, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)
People wait in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, Dec. 27, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, Dec. 27, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)
People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, Dec. 27, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)
Miami (7-8) at Cleveland (3-12)
Sunday, 4:05 p.m. EST, CBS
BetMGM NFL Odds: Dolphins by 6 1/2.
Against the spread: Dolphins 6-9, Browns 4-11.
Series record: Dolphins lead 10-9.
Last meeting: Dolphins beat Browns 39-17 on Nov. 13, 2022, at Miami Gardens, Florida.
Last week: Dolphins beat San Francisco 29-17; Browns lost to Bengals 24-6.
Dolphins offense: overall (18), rush (25), pass (15), scoring (23).
Dolphins defense: overall (8), rush (6), pass (11), scoring (10).
Browns offense: overall (25), rush (27), pass (19), scoring (31).
Browns defense: overall (19), rush (19), pass (14), scoring (26).
Turnover differential: Dolphins minus-4, Browns minus-18.
DE Zach Sieler has at least one sack in five of his past six games, including one of Brock Purdy last week against San Francisco. Sieler's 8 1/2 sacks are the second most among defensive tackles this season, behind the Giants' Dexter Lawrence, and the most for defensive tackles in the AFC. The Browns struggled to protect Dorian Thompson-Robinson as he was sacked four times in his start last week, which gives Sieler and Miami's pass rush an area to exploit.
DE Myles Garrett's 29th birthday coincides with Cleveland's final home game and a late-season push by the NFL's reigning Defensive Player of The Year to defend his title. Garrett surpassed 100 sacks last week. He also joined Hall of Famer Lawrence Taylor as the only players with at least 12 sacks in five straight seasons. Garrett has 12 sacks and can become the first player with 14 sacks in four straight seasons.
Dolphins RB De'Von Achane vs. Browns linebackers. Achane's versatility as a runner (761 yards) and pass catcher (76 receptions, 579 yards) makes him difficult to stop and gives Miami another playmaker to stress defenses, especially on the perimeter. One missed tackle could be the difference in a short gain or a long touchdown.
Dolphins: CB Kendall Fuller avoided a serious knee injury when he went down against San Francisco, but his status is in question. ... WR Jaylen Waddle (knee) missed last week. Coach Mike McDaniel said he wants to see how Waddle progresses this week before making a determination on his game status.
Browns: QB Dorian Thompson-Robinson (calf) got hurt on the first series last week but didn't come out. As long as he's healthy, he'll make his fifth career start. ... TE David Njoku (knee) will sit out. He had a team-high eight catches last week. ... DE Ogbo Okoronkwo (knee) and WR Cedric Tillman (concussion) are both out. ... DT Shelby Harris (elbow) went on injured reserve this week, hurting Cleveland's depth up front.
Miami has won three of the past four meetings after losing four in a row. ... The Browns are 7-5 at home against the Dolphins, beating them 41-24 in their previous meeting at Huntington Bank Field in 2019. ... The Dolphins won six straight against the Browns from 1988 to 2004.
The Dolphins (7-8) are on the bubble for a wild-card spot along with Indianapolis (7-8) and Cincinnati (7-8). Even if the Dolphins win their remaining two games, they’ll need help from other teams to get in. In one scenario, Miami would make the playoffs with two wins and two losses each by Denver (9-6) and the Los Angeles Chargers (9-6). ... The Dolphins clinched their fifth straight home winning season last week. Miami is 5-2 at home this season, 2-5 on the road. ... QB Tua Tagovailoa threw his 100th touchdown with a 3-yard pass to Tyreek Hill in the second quarter. He is the fourth Dolphins quarterback with 100 TD passes, and it was his 15th straight game with at least one passing TD — the second-longest active streak in the NFL behind Baltimore's Lamar Jackson (23). ... Miami’s run game finally got going in that game with 166 yards. It was the Dolphins’ first time topping 100 yards rushing since Week 9. Achane led the way with 120 yards. His 50-yard rushing score was Miami’s longest run this season. ... LB Jordyn Brooks is having one of the most productive seasons for a Dolphins defender. His 128 tackles are the most in a season in the past 15 years, and his three sacks on the season made him one of four players in the NFL with at least three sacks and 100 tackles in each of the 2023 and 2024 seasons. Brooks is also the only player in the NFL this season with at least 100 tackles, 10 tackles for loss, five passes defensed and three sacks. ... With three tackles last week, Calais Campbell reached 900 in his career, making him the only active defensive lineman with that many and the first since at least 2000. ... Thompson-Robinson had a few nice moments last week but some hesitancy in the pocket may have contributed to five sacks for Cincinnati. ... Dolphins coach Mike McDaniel was Cleveland's wide receivers coach in 2014. ... Browns QB Jameis Winston, who was benched because of interceptions, was the No. 3 QB last week because of a sore right shoulder. ... RB Jerome Ford ripped off a 66-yard run on the game's first play last week and finished with 131 total yards. He's got a larger workload with Nick Chubb (broken foot) out for the season. ... WR Jerry Jeudy had just two catches last week, but he leads the Browns with 72 and 1,072 yards receiving. Jeudy is the third player to reach 1,000 yards in his first season with the team. Amari Cooper (2022) and Odell Beckham Jr. (2019) are the others. ... CB Denzel Ward leads the NFL with 19 passes defensed. He'll likely spend most of the game matched up against Hill — speed on speed. ... The Browns have not allowed a QB to throw for 300 yards in 26 consecutive games, the NFL's current longest streak. ... Browns K Dustin Hopkins returned last week after being benched for a game and missed his only attempt on a PAT. Hopkins has been in a prolonged slump, but coach Kevin Stefanski said he'll stick with the veteran this week. The Browns signed Andre Szmyt as an option.
Dolphins TE Jonnu Smith has been a revelation for Miami, which signed him as a free agent. He's tied with Achane for the team lead in catches and TDs. Cleveland has been susceptible over the middle and Smith could have another big game.
AP NFL: https://apnews.com/hub/nfl
Miami Dolphins quarterback Tua Tagovailoa (1) and wide receiver Tyreek Hill (10) talk on the field before an NFL football game against the San Francisco 49ers, Sunday, Dec. 22, 2024, in Miami Gardens, Fla. (AP Photo/Rebecca Blackwell)
Miami Dolphins quarterback Tua Tagovailoa (1) aims a pass during the first half of an NFL football game against the San Francisco 49ers, Sunday, Dec. 22, 2024, in Miami Gardens, Fla. (AP Photo/Rebecca Blackwell)
Cincinnati Bengals defensive end Joseph Ossai (58) sacks Cleveland Browns quarterback Dorian Thompson-Robinson during the second half of an NFL football game, Sunday, Dec. 22, 2024, in Cincinnati. The Bengals won 24-6. (AP Photo/Jeff Dean)
Miami Dolphins quarterback Tua Tagovailoa (1) aims a pass during the first half of an NFL football game against the San Francisco 49ers, Sunday, Dec. 22, 2024, in Miami Gardens, Fla. (AP Photo/Lynne Sladky)
