Stocks Wrap Up Mixed on Last Day of Trading Ahead of Christmas, S&P 500's Winning Streak Continues

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ICARO Media Group
Politics
22/12/2023 23h55

Stocks finished in a mixed pattern on the last trading day before the Christmas holiday, with the three major U.S. indexes concluding their eighth consecutive week of gains. The S&P 500's impressive run marked its longest winning streak since 2017.

On Friday, the S&P 500 and Nasdaq managed to post gains, while the Dow Jones Industrial Average ticked lower. The tech-focused Nasdaq Composite had a particularly strong week, rising 1.2%.

Chinese regulators surprised investors with an unexpected announcement that affected tech stocks such as Tencent and NetEase, leading to negative spill-over into U.S. trading.

Among individual stocks, sneaker giant Nike, a component of the Dow, faced a drop in share prices after it revised its revenue outlook. Under Armour and Foot Locker also experienced declines in their stock values.

In the bond market, benchmark Treasury yields ticked higher during Friday's trading session. The 10-year yield settled at 3.907%, concluding a second consecutive week of losses.

Looking ahead to the upcoming days, Sunday's trading schedule is provided for investors to plan their actions accordingly. Additionally, it is the season for the anticipated "Santa Claus Rally" in the market, which investors eagerly await.

To stay informed about the market trends and be prepared for the upcoming trading sessions, listeners are encouraged to tune in to our Sunday podcast, WSJ's Take On the Week. Furthermore, readers can enhance their knowledge about the markets by subscribing to our free weekday morning and evening newsletters.

The views expressed in this article do not reflect the opinion of ICARO, or any of its affiliates.

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