Wall Street turned volatile Friday as four days of gains give way to fresh selling pressure driven by investor uncertainty over the incoming Trump administration’s economic policies and the Federal Reserve’s path forward.
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.
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 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 moved but remained elevated, with the long-dated 30-year yield hovering at the highest levels since May.
In commodities markets, oil emerged by rising 1%, with West Texas Intermediate light crude topping $70 per barrel amid recent declines in in commercial crude inventories.
In cryptocurrency markets Bitcoin (CRYPTO: BTC) dropped 1.7% to $94,000, heading for its second consecutive weekly loss— the first since September.
Friday’s Performance In Major US Indices, ETFs
According to Benzinga Pro data:
Friday Stock Movers
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