Friday, July 11, 2025

Wall Street Stumbles as Santa Rally Fizzles and Tech Stocks Take a Hit

AP·Newsis
AP·Newsis

Wall Street’s three major indexes all retreated on Monday.

This marked a two-day drop in trading sessions since December 27.

The S&P 500 and Nasdaq have declined for three trading days in a row, starting on December 26.

The downturn was primarily driven by weakness in technology stocks, particularly among the influential M7 large-cap tech companies.

Within the M7 group, only Nvidia managed a modest gain of 0.35%, while the other six all declined.

Meanwhile, Boeing’s shares tumbled 2.3% amid the aftermath of the Jeju Air incident.

Santa Rally Goes Missing

The Santa Rally, typically referring to market gains during the last five trading days of the year and the first two of the new year, has been absent this season.

Despite a promising start on December 24, the rally disappeared after the Dow’s slight uptick on December 26, giving way to a broader market decline through December 30.

The Dow Jones Industrial Average closed down 418.48 points (0.97%) at 42,573.73, while the S&P 500 shed 63.90 points (1.07%), ending at 5,906.94.

The tech-heavy Nasdaq Composite fell 235.25 points (1.19%) to finish at 19,486.78.

Wall Street’s fear gauge, the CBOE Volatility Index (VIX), surged 1.46 points (9.15%) to 17.41, continuing its upward trajectory since hitting 14.73 on December 24.

M7 Tech Stocks: Nvidia Stands Alone

The poor performance of technology stocks exacerbated the broader market decline.

Among the M7 stocks, only Nvidia managed to post a modest rebound.

Nvidia’s stock climbed to $140.27 intraday, a 2.4% jump, before settling at $137.49, up $0.48 (0.35%).

In stark contrast, Tesla continued its downward spiral for the third consecutive session since December 26, closing at $417.41, down $14.25 (3.30%).

Tesla’s three-day slide has erased 9.71% of its value, representing a more than 13% drop from its December 17 peak of $479.86. This decline of over 10% from its recent high signals that Tesla has entered into bear market territory.

Crypto-Related Stocks Take a Nosedive

As Bitcoin prices faltered, stocks related to cryptocurrencies suffered significant losses.

MicroStrategy, the software firm holding the largest Bitcoin reserves among publicly traded firms worldwide, plummeted $27.04 (8.19%) to $302.96.

Coinbase Global, the only publicly traded cryptocurrency exchange, dropped $10.15 (3.82%) to close at $255.56.

Mara Holdings, a crypto technology development company, fell $1.15 (6.24%) to $17.29.

Oil Prices Climb for Second Straight Day

Global oil prices extended their gains for a second consecutive day following the previous weekend.

This upward movement broke the recent pattern of alternating daily gains and losses.

Natural gas prices surged by over 15% today, contributing to the upward pressure on oil.

Weather forecasting firm Atmospheric G2 predicted below-average temperatures for the eastern United States in January, which drove up natural gas and oil prices.

The international oil benchmark of Brent crude rose $0.22 (0.30%) to settle at $74.39 per barrel for February delivery.

West Texas Intermediate (WTI), the U.S. oil benchmark, also gained $0.39 (0.55%), closing at $70.99 per barrel for February delivery.

Hot this week

Coffee Prices Jump After Trump Hits Brazil With 50% Tariff

Coffee prices surged after Trump's 50% tariff on Brazil, leading to retaliatory measures and a drop in Brazilian stocks.

Trump Pushes New 15–20% Tariffs on U.S. Trading Partners

Trump plans to impose 15%-20% tariffs on many trading partners, including a 35% tariff on Canada starting August 1.

Qualcomm’s Top AI Chip Now Powers the Galaxy Z Fold 7

Qualcomm's Snapdragon 8 Elite platform will power Samsung's Galaxy Z Fold 7, enhancing AI and performance in mobile innovation.

Nvidia Hits $4 Trillion Market Cap, Becomes First to Do It

Nvidia breaks the 4 trillion USD market cap, becoming the first to achieve this milestone in the AI semiconductor market.

Wall Street Ends Mixed as Nvidia Nears $4 Trillion, Tesla Rebounds

The NY stock market showed mixed results with Nvidia nearing a $4 trillion cap, while tariffs and Musk's politics impact Tesla.

Topics

Coffee Prices Jump After Trump Hits Brazil With 50% Tariff

Coffee prices surged after Trump's 50% tariff on Brazil, leading to retaliatory measures and a drop in Brazilian stocks.

Trump Pushes New 15–20% Tariffs on U.S. Trading Partners

Trump plans to impose 15%-20% tariffs on many trading partners, including a 35% tariff on Canada starting August 1.

Qualcomm’s Top AI Chip Now Powers the Galaxy Z Fold 7

Qualcomm's Snapdragon 8 Elite platform will power Samsung's Galaxy Z Fold 7, enhancing AI and performance in mobile innovation.

Nvidia Hits $4 Trillion Market Cap, Becomes First to Do It

Nvidia breaks the 4 trillion USD market cap, becoming the first to achieve this milestone in the AI semiconductor market.

Wall Street Ends Mixed as Nvidia Nears $4 Trillion, Tesla Rebounds

The NY stock market showed mixed results with Nvidia nearing a $4 trillion cap, while tariffs and Musk's politics impact Tesla.

Oil Prices Climb Again as Red Sea Tensions Escalate

International oil prices rise due to U.S. tariff threats and tensions in the Red Sea, with Brent crude at $70.15 per barrel.

Tesla Tanks $68B as Musk Unveils New Political Party

The New York stock market declines after Trump imposes tariffs on South Korea and Japan, with Tesla losing $68 billion in value.

Oil Prices Climb After Saudi Arabia Hikes Export Rates

Saudi Arabia's surprise oil price hike boosts international oil prices, impacting markets and South Korea's oil imports significantly.

Related Articles