Major indices experienced wide losses by midday trading in New York, nearly erasing prior gains seen earlier this week, clouding the outlook for a Santa Rally.
Wall Street saw volatile trading Friday as a four-day rally came to an end amid investor uncertainty over the incoming Trump administration's economic policies and the Federal Reserve's path forward.
Major indices experienced steep losses by midday trading in New York, wiping out prior gains seen earlier this week and clouding the outlook for a Santa Rally.
The tech-heavy Nasdaq 100 tumbled 2%, on track for its second-worst session this month. Both the S&P 500 and the Dow saw notable losses, while small caps underperformed their large-cap counterparts.
On the data front, the U.S. goods trade deficit widened to $102.86 billion in November 2024, surpassing expectations of $100.7 billion, as imports jumped 4.5%, according to an advance official estimate.
Treasury yields were little changed but remained elevated, with the long-dated 30-year yield hovering at the highest levels since May.
In commodities markets, oil emerged from recent declines by rising 1%, with West Texas Intermediate light crude topping $70 per barrel amid a drawdown in commercial crude inventories.
Cryptocurrency markets also saw losses, with Bitcoin BTC/USD dropping 1.7% to $94,000, heading for its second consecutive weekly loss - the first since September.
Here's a snapshot of Friday’s performance in major US indices and ETFs:
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