NEW YORK — Stocks slipped in quiet trading on Wall Street Monday to kick off another holiday-shortened week.
The losses have little impact on the broader annual gains for major indexes as they close out their final days of the year. There are two trading days left before the year ends. Markets in the U.S. will be closed Thursday for New Year’s Day.
The S&P 500 fell 24.20 points, or 0.3%, to 6,905.74. The benchmark index is still up more than 17% for the year and it remains on track for its eighth monthly gain in a row.
The Dow Jones Industrial Average fell 249.04 points, or 0.5%, to 48,461.93. The Nasdaq composite fell 118.75 points, or 0.5%, to 23,474.35.
Big technology stocks with outsized valuations were among the heaviest weights on the market. Nvidia fell 1.2% and Broadcom fell 0.8%. Investor optimism about the future of artificial intelligence has been driving the sector mostly higher all year and pushing the broader market to a series of records.
Technology stocks have been more unsteady as the year heads to a close, though. They mostly slipped in November and have only notched modest gains through December. Nvidia and several other companies focusing on AI or benefiting heavily from the developing technology have become some of the most valuable in the world. Investors have seemingly become more skeptical about whether the eventual payoff will make the hefty investments worthwhile.
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