S&P 500, Nasdaq futures slide to start final trading week of 2024

Futures tied to the S&P 500 (ES=F) tech-heavy Nasdaq (NQ=F) and Dow Jones Industrial Average (YM=F) all drifted lower on Monday morning.

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The move lower came as the 10-year Treasury yield (^TNX) hovered near a 7-month high at 4.6%.

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Stocks closed out last week with a Friday slide from Big Tech names like Tesla (TSLA) and Nvidia (NVDA), with the Nasdaq Composite falling 1.5% and the S&P 500 down over 1%.

The highly anticipated “Santa Claus” rally, which is statistically one of the most consistent seven-day positive stretches of the year for the S&P 500, has been a flop thus far. Since 1950, the S&P 500 has risen 1.3% during the seven trading days beginning Dec. 24, well above the typical seven-day average of 0.3%, according to LPL Financial chief technical strategist Adam Turnquist. In the current period, the S&P 500 is down less than 0.1%.

But with just two days of trading left in 2024, markets are hoping to recapture the bigger picture of the year — one that has been full of gains. The benchmark S&P is up over 25% this year, while the Nasdaq has gained over 30%. The blue-chip Dow has risen a more modest 14%.

Late Sunday night, former President Jimmy Carter died at the age of 100 at his home in Plains, Georgia, the Carter Center said. Equity markets are still set to open on Monday at 9:30 a.m. ET.

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