Tech Stocks Fall to Finish Holiday Week | Global News Avenue

Major U.S. stock indexes ended Christmas week lower as many of the big tech stocks at the center of the 2024 market rally suffered heavy losses heading into the final trading days of the year.

The S&P 500 closed down 1.1% on Friday. The poor performance of technology stocks caused the Nasdaq to fall by 1.5% and the Dow Jones Industrial Average fell by 0.8%. All three indexes ended in positive territory in the holiday-shortened week.

Shares of server maker Super Micro Computer (SMCI) was the biggest loser on the S&P 500, down 5.2%. Nasdaq earlier this month granted Super Micro an extension to file its delayed annual report, but questions remain about the company’s accounting practices and ability to meet updated deadlines.

Tesla (Tesla) shares fell 5%, extending losses reported on Thursday. The electric car giant is expected to release quarterly production and delivery data next week. Based on current consensus estimates for fourth-quarter vehicle deliveries, Tesla’s 2024 delivery totals will likely be lower than last year’s results.

Palantir Technology (PLTR) shares fell 3.7%, reversing some of this week’s gains. Shares of the data analytics software provider made their debut on the Nasdaq 100 on Monday, and later in the week Wedbush analysts highlighted Palantir as a top pick among artificial intelligence software companies, along with Salesforce.customer relationship management).

Lamb Weston Holdings plc (long wave) Shares of activist investor Jana Partners rose 2.6% on Friday, becoming the biggest gainer on the S&P 500. Partner with another former company executive Because it advocates for the transformation of frozen potato suppliers. Jana recently called for a board change or sale of the company after Lamb Weston posted losses and appointed a new chief executive.

Crude oil prices edged higher as the U.S. Energy Information Administration reported a weekly decline in inventories. Shares of oil and gas exploration and production company APA Corp. (What) added 1.1%.

Shares of chocolate maker Hershey’s (HSY) rose 0.9% on Friday. Earlier this month, Hershey shares soared on the prospect of a merger with snack food giant Mondelez (Yideliz) but gave back those gains in recent weeks. After the report was published, Mondelez announced an additional $9 billion in stock buybacks and confirmed that it was focused on bolt-on acquisitions, omitting discussion of any major moves, but TD Cowen analysts recently said that this does not completely negate the relationship with The potential for a Hershey deal.