Dec. 30 (UPI) — Though the year has been a strong one for the U.S. stock market, you wouldn’t know it from Monday’s early trading.
The Dow Jones fell 300 points while the S&P 500 and Nasdaq also dipped in trading Monday morning, with one day left in what has been a record year for the U.S. stock market.
Investors spent the early part of Monday shedding themselves of Big Tech shares such as Alphabet, the parent of Google, Amazon and Tesla, while Boeing was negatively affected after the recent South Korea crash involving one of its jetliners.
The cryptocurrency market continued to cool on Monday, with Bitcoin tumbling to $92,000. It had reached a record $106,000 after the election of President-elect Donald Trump as many investors expressed hope for the president-elect’s policies that they said would benefit the digital market more.
Monday’s losses looked like a continuation of a cooling that started before the holiday season when the Dow suffered its longest daily losing streak since 1974, worsening with the Federal Reserve hinted this month it was lowering the outlook for expected rate cuts next year because of stubborn inflation concerns.
“I really think we’re going to take a pause next year,” Jeremy Siegel, a senior economist to WisdomTree told CNBC. “As time has gone on, I think the probability of a correction next year, which is defined as a 10% drop in the S&P, is getting higher.”
