Stocks fell on Monday, driven by losses in the technology sector, after the S&P 500 hit a record high last week.
The S&P 500 fell 0.3%, while the Nasdaq Composite fell 0.4%. The Dow Jones Industrial Average fell 152 points, or 0.3%.
The artificial intelligence sector was slightly pressured in the trading session. Nvidia shares fell more than 1%, giving back some of their more than 5% gain in the previous week. Palantir Technologies and Meta Platforms also suffered losses, as did Oracle.
"Given the light economic calendar this week, internal momentum could be the main story in the market this week," said Chris Larkin, head of trading and investing at E-Trade at Morgan Stanley. "If stocks are going to close out another year with double-digit gains on a positive note, the technology sector will likely play a big role in that."
Meanwhile, silver
fell more than 7% after hitting $80 an ounce for the first time overnight. This comes as the precious metal has seen a major rally in 2025, surging nearly 150% and becoming one of the hottest trades of the year. The iShares Silver Trust (SLV)
lost about 8%.
The move came after the S&P 500 hit an intraday high of 6,945.77 on Friday before ending the session just below breakeven.
It's been a stellar year on Wall Street, with the benchmark index up more than 17% in 2025. The Dow is up 14%, putting it on track for its strongest year since 2021. The Nasdaq Composite has outperformed this year to date, up more than 21%.
Wall Street is also in the midst of a Santa Claus rally, a historically strong period for the stock market. Since 1950, the S&P 500 has averaged a gain of more than 1% between the last five trading days of the year and the first two days of the new year, according to the Stock Trader's Almanac.
This week's economic data calendar is relatively light, but investors will get another glimpse into the Federal Reserve's mindset heading into 2026. The minutes of the central bank's December meeting will be released on Tuesday at 2:00 PM ET. (alg)
Source: CNBC.com
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