Stocks hit, dollar slips in illiquid year-end profit taking
Even with its slight loss on Friday, the U.S. dollar was headed for an almost 7% annual gain, as traders anticipated robust U.S. growth, as well as tax cuts, tariffs and deregulation by the incoming administration of President-elect Donald Trump, would make the Federal Reserve cautious on rate-cutting well into 2025.
Selling in Wall Street's main indexes gathered steam through the morning, chilling the mood after the week started out showing the hallmarks of a classic year-end rally to crown what was already a stellar year.
«The Santa Claus rally came a bit earlier this year, and I think this is profit taking ahead of another holiday-shortened week next week,» said Jeff Schulze, head Of economic and market strategy at Clearbridge Investments. «That's another reason I think this isn't causing more apprehension heading into a weekend. It's not uncommon for the market to hit air pockets when the volumes are light.»
Leading the decline were high-flying «Magnificent 7» stocks like Tesla which slid 4.9%, along with Amazon.com, Microsoft and Nvidia.
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