December 26 (Reuters) — U.S. stocks showed a mixed performance on Thursday, as the market’s momentum from earlier in the holiday week began to fade. The Dow Jones Industrial Average rose slightly, marking its fifth consecutive gain, while both the S&P 500 and Nasdaq Composite edged down, snapping their respective three-day winning streaks.
The gains earlier in the week, driven by optimism ahead of the Christmas break, were part of the expected “Santa Claus rally,” which investors hoped would provide a positive end to the year after last week’s downturn.
Large-Cap Tech Stocks Struggle, Except Apple
The performance of large-cap technology stocks was mixed on Thursday. While Apple (AAPL) rose by 0.3% to reach a record closing high, edging closer to becoming the first company to hit a $4 trillion market value, other major tech stocks faced losses. Nvidia (NVDA), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), Meta Platforms (META), and Tesla (TSLA) all saw declines, reflecting broader weakness in the sector.
Bitcoin and Crypto Stocks Slide
Bitcoin-related stocks saw sharp declines as the digital currency fell. MicroStrategy (MSTR), a major holder of bitcoin, dropped 4.8%, leading the Nasdaq decliners. Other companies in the cryptocurrency space, including bitcoin miner Marathon Digital Holdings (MARA) and exchange platform Coinbase (COIN), lost 4.2% and 1.9%, respectively.
Bitcoin itself traded at $95,600, down from a high of nearly $100,000 earlier in the session. Despite the pullback, Bitcoin has gained about 35% since the beginning of the year, fueled by expectations of favorable policies from the incoming Trump administration and a supportive Congress for cryptocurrency.
U.S. Treasury Yields and Commodities
The yield on 10-year U.S. Treasurys, which serves as a key indicator of future interest rate expectations, rose to 4.59%, after briefly hitting 4.64% earlier in the day. This marked the highest yield since May.
In commodities, gold futures rose by 0.7%, reaching around $2,655 per ounce, supported by investor demand for safe-haven assets. Meanwhile, crude oil futures fell by about 0.5%, reflecting broader market uncertainties.
As the year comes to a close, investors will be closely watching economic data and potential policy changes, with hopes that the rally will continue into the new year.
