On December 29 (Eastern Time), the three major U.S. stock indices fell collectively, with technology stocks leading the decline, and the year-end “Santa Claus Rally” failed to materialize as expected. By the close, the Dow Jones Industrial Average fell 249.04 points, or 0.51%, to 48,461.93; the S&P 500 Index dropped 24.20 points, or 0.35%, to 6,905.74; and the Nasdaq Composite Index declined 118.75 points, or 0.50%, to 23,474.35.

In terms of specific sectors, most large-cap technology stocks declined: Tesla fell 3.27%, Nvidia dropped more than 1%, Meta (Facebook) fell 0.69%, and Amazon declined 0.19%. Bank stocks were under overall pressure: JPMorgan Chase and Goldman Sachs both fell more than 1%, and Citigroup dropped nearly 2%. Energy stocks, however, rose against the trend: Exxon Mobil gained more than 1%, and Chevron rose 0.64%. Chinese concept stocks showed mixed performance, with the Nasdaq Golden Dragon China Index falling 0.67%, Didi Fresh falling more than 7%, and NIO rising more than 5%.

Market analysis suggests that the decline in U.S. stocks was mainly affected by factors such as uncertainty about Federal Reserve policy and expectations of slowing global economic growth. Profit-taking by some investors at the end of the year also exacerbated market volatility. Whether the widely anticipated “Santa Claus Rally” (the upward trend in the last five trading days of the year and the first two trading days of January) will occur depends on the release of key information such as the minutes of the subsequent Federal Reserve monetary policy meeting. European stocks were mixed on the day: the FTSE 100 Index fell slightly by 0.04%, while the CAC 40 Index and the DAX Index rose slightly.