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Wall Street’s holiday cheer ended abruptly today, with all three main benchmarks closing lower in a broad-based sell-off affecting even tech and growth stocks that had driven markets higher through much of the shortened trading week. The decline ended the Dow Jones Industrial Average’s five-session winning streak that had followed a 10-session decline, its worst losing stretch since 1974. The Dow fell 333.59 points, or 0.77%, to 42,992.21. The S&P 500 lost 66.75 points, or 1.11%, to finish at 5,970.84 points, while the Nasdaq Composite dropped 298.33 points, or 1.49%, to end at 19,722.03. “Today feels like there is quite a bit of profit-taking across the board,” said Michael Reynolds, vice president of investment strategy at Glenmede. “We are more than two years into a pretty strong bull market ... so it’s really not surprising to see some people taking their profits and rebalancing their portfolios ahead of the new year.” Highlighting the profit-taking theme, the 45 top performers year-to-date on the S&P 500 all finished lower today. The sell-off thwarted the seasonal Santa Claus rally, in which stocks traditionally rise during the last five sessions of December and the first two of January. Since 1969, the S&P 500 has climbed 1.3% on average, according to the Stock Trader’s Almanac. Thursday’s session hinted at momentum stalling, with both the S&P 500 and Nasdaq posting marginal losses to end multi-session winning runs. Rising U.S. Treasury yields had been catching investors’ attention, with the benchmark 10-year note hitting a more than seven-month high in the previous session. The yield hovered close to that mark today, at 4.63%. Higher yields are seen as hampering growth stocks, as they raise borrowing costs for business expansion. These stocks, especially the so-called Magnificent Seven technology megacaps which had been key drivers of the market’s 2024 rally, were also caught up in Friday’s sell-off. For the second successive day, Tesla led decliners among the group, dropping 5%. Among the other members, Nvidia shed 2.1% while Alphabet, Amazon.com and Microsoft all slipped more than 1.5%. “We have a higher cost of capital whenever rates go up like this, and they have gone up pretty significantly over the last month or so,” said Glenmede’s Reynolds. “Investors may just be reassessing the bets they are taking when the cost of capital is higher, perhaps looking at some of the valuations on the Mag 7 and wondering whether they can find better value elsewhere.” All of the 11 major S&P sectors fell. Friday’s worst performers were the three indexes which have been 2024’s leading lights: consumer discretionary, information technology and communication services. The trio dropped between 1.1% and 1.9% on the day. Despite Friday’s declines, all three indexes recorded weekly gains. For the week, the S&P 500 advanced 0.7%, the Dow edged up 0.36% and the Nasdaq climbed 0.75%. News events helped some stocks to buck the market sell-off. Amedisys gained 4.7%, its best one-day advance since July 1, after the home health service provider and insurer UnitedHealth extended the deadline to close their $3.3 billion merger. Lamb Weston climbed 2.6% after a filing showed activist investor Jana Partners is working with a sixth executive to push for changes at the French fry maker, a move which could result in a majority of the company’s board being replaced. Trading volumes in this holiday-shortened week have been below the average of the last six months and are likely to remain subdued until Jan. 6. The next major focus for markets will be the December employment report due on Jan. 10.
Three leading Egyptian banks—the National Bank of Egypt (NBE), Banque Misr, and QNB AlAhli—have extended joint financing worth EGP 4.235bn to Al-Zahi Group. This financing aims to support key development projects, with NBE serving as the lead arranger, financing marketer, financing agent, and document bank within the alliance. Banque Misr acts as an initial main arranger, financing marketer, and account bank, while QNB AlAhli fulfills the role of an initial main arranger. The funding will be directed toward various projects, including facility design, land reclamation, infrastructure development, agricultural land leveling, establishing irrigation and drainage systems, and executing electrical and mechanical works. The signing ceremony was attended by prominent banking and business leaders, including Yehia Abou El-Fotouh, Deputy CEO of NBE; Sherif Riad, CEO of Corporate Banking Credit and Syndicated Loans at NBE; Mohamed Khairat, Head of Corporate Credit and Syndicated Loans at Banque Misr; Abdel Rahman Talaat, Head of Corporate Finance and Investment at QNB AlAhli; and Ahmed El Zahi, Chairman of Al-Zahi Group. Yehia Abou El-Fotouh highlighted that the financing aligns with NBE’s strategy to support vital economic sectors, fostering growth across industries and value chains. He commended the efforts of the bank’s team in conducting comprehensive studies and facilitating cooperation that culminated in this financing deal. Sherif Riad emphasized NBE’s commitment to backing large-scale development projects in Egypt, particularly those that enhance food security and contribute to economic stability. He underscored the importance of expanding agricultural land and production, which reduces imports, improves trade balances, and creates job opportunities by leveraging modern technological methods. Mohamed Khairat reiterated Banque Misr’s dedication to financing vital projects across diverse sectors to stimulate economic growth and enhance Egypt’s competitiveness. He noted that this partnership reflects the bank’s strategic goals of supporting the national economy, aligning with Egypt’s Vision 2030 for sustainable development. Khairat also praised the collaboration among the participating banks, highlighting the shared commitment to advancing the national economy. QNB’s Abdel Rahman Talaat stressed the importance of the banking sector’s role in financing projects with significant economic and social impacts. He emphasized QNB Egypt’s focus on supporting agricultural development to achieve food security, create thousands of jobs, and contribute to sustainable development goals. Talaat also noted QNB Egypt’s growing influence in fostering major national projects through its strong relationships with international financial institutions. Ahmed El Zahi expressed gratitude for the collaboration with Egypt’s leading banks, underscoring the importance of such partnerships in driving the nation’s development. He highlighted Al-Zahi Group’s diverse expertise in integrated general contracting, including river works, sidewalk construction, dredging, thermal and hydropower stations, roads and bridges, dams, and water and sewage networks. The company also specializes in complementary activities such as ready-mix concrete production, insulation, and polyethylene works. This joint financing underscores the critical role of Egypt’s banking sector in fostering economic growth and supporting sustainable development across the nation.PHILADELPHIA (AP) — The Philadelphia Phillies and right-handed pitcher Joe Ross finalized a one-year contract on Monday. The 31-year-old Ross made 10 starts and 25 total appearances for the Milwaukee Brewers last season. He went 3-6 with a 3.77 ERA. Selected by the San Diego Padres in the first round of the 2011 amateur draft, the 6-foot-4 Ross has pitched in 123 career games across seven seasons with the Washington Nationals and Brewers. In his career, he has combined for a 4.19 ERA with 469 strikeouts to 170 walks. He's 29-34 with a 4.19 career ERA. Ross is the latest in an offseason of minor moves for the NL East champs. The Phillies acquired left-hander Jesús Luzardo from the Miami Marlins and signed free-agent outfielder Max Kepler to a $10 million, one-year deal. AP MLB: https://apnews.com/hub/MLB
Oregon already secured its spot in the Big Ten championship game, but the top-ranked Ducks have plenty to play for in their regular-season finale. Revenge may be on Oregon's mind when the Ducks host longtime rival Washington on Saturday in Eugene, Ore. Oregon (11-0, 8-0 Big Ten) would perhaps be closing in on its second straight College Football Playoff appearance had the Huskies (6-5, 4-4) not dealt the Ducks their only two losses last season. Washington edged Oregon 36-33 in Seattle last October, then slipped past the Ducks 34-31 in the Pac-12 title game to secure a playoff spot for the second time in school history. Both teams joined the Big Ten in August. Third-year Oregon head coach Dan Lanning is 33-5 leading the Ducks. But he remains winless against the Huskies (0-3). Oregon plots to sprint out of its late-season bye after using time to heal injuries, but Lanning doesn't believe the break should stall the flow of an undefeated season. "It's always about what we're able to do on the field. Motivation is overrated," Lanning said. "Our guys have to want to go out there and execute at a really high level. Since the beginning of the season we've talked about playing our best football at the end of November. We're there. This is our opportunity to go play our best football against a good team." The Ducks could have star wide receiver Tez Johnson back from a shoulder injury this week. Johnson has missed the past two games. That would be good news for quarterback Dillon Gabriel, who would regain the team's leader in receptions (64), receiving yards (649) and receiving touchdowns (eight). Washington, under first-year head coach Jedd Fisch, is 63-48-5 all-time against Oregon but is just 1-12-1 when facing the No. 1-ranked team in the country. The Huskies are led on offense by running back Jonah Coleman, who has racked up 1,008 yards and nine scores on the ground this season. Coleman averages 5.8 yards per carry and has 36 runs of at least 10 yards. In the passing game, wide receiver Denzel Boston is tied for the Big Ten lead with nine in touchdown catches and ranks sixth in the conference with 764 receiving yards. Whom Boston will be catching passes from is not yet known, however. Washington has not revealed whether Will Rogers or Demond Williams Jr. will start at quarterback. Rogers has started every game for the Huskies but was benched in favor of Williams two weeks ago after throwing a pair of interceptions in a 31-19 win over UCLA. Fisch said he has a "good idea" of how he will use his quarterbacks on Saturday, and while he wouldn't go as far as to name a starter, he did say Rogers responded well in practices last week. "On the same token, Demond's energy and Demond's confidence showed up. His ability to jump right in and feel really good about leading the group whenever it was his turn... he did a really nice job there as well," Fisch told Seattle Sports. "I think both guys responded well to the week of practice, and now, really, it's important for us that the guy we believe will start the game gets a significant amount of reps in practice week. But as you know, we're not afraid to play two quarterbacks." --Field Level MediaATLANTA (AP) — The Atlanta Falcons are back in first place in the NFC South and again in control of their playoff hopes. Rookie quarterback Michael Penix Jr. showed the poise in his first NFL start the Falcons will need to take advantage of their opportunity to end a six-year playoff drought. Powered by a big-play defense that produced two pick-6s, a solid starting debut by Penix and two rushing touchdowns by Bijan Robinson, the Falcons cruised past the hapless New York Giants 34-7 on Sunday. On Sunday night, the Falcons (8-7) received the assist they needed when Tampa Bay lost at Dallas . Because the Falcons swept the Buccaneers, they hold the tiebreaker advantage if they remain tied atop the division. The Falcons have games remaining at Washington on Sunday night and at home against Carolina to close the regular season. If Atlanta wins both games, it would win the division and have a home playoff game. The Falcons are assured of their best record since a 10-6 finish under coach Dan Quinn in 2017, their most recent playoff season. Quinn is in his first season as Washington’s coach and has led the Commanders (10-5) to three straight wins, including Sunday’s 36-33 victory over Philadelphia. Penix, the No. 8 overall pick in this year’s NFL draft, was promoted after coach Raheem Morris benched Kirk Cousins. Penix completed 18 of 27 passes for 202 yards with one interception on a pass that should have been caught by tight end Kyle Pitts. Penix is not a dual-threat quarterback, but he showed the ability to escape pressure in the pocket that Cousins lacks following his 2023 Achilles tendon injury. The left-hander’s superior arm strength also was immediately obvious. Robinson’s production provided a safety net for the offense which helped make for a smooth transition to Penix. Robinson had scoring runs of 2 and 4 yards. Robinson has rushed for 10 touchdowns this season. He’s the first Atlanta player with 10 more more rushing touchdowns since Devonta Freeman during the 2016 Super Bowl season. Robinson ran for 94 yards on 22 carries and had 103 yards from scrimmage. His 11th game this season with at least 100 yards from scrimmage are the most for the Falcons since Warrick Dunn’s 11 in 2005. Morris said Robinson deserves to be considered with Philadelphia’s Saquon Barkley in discussions regarding the league’s top running backs. “Bijan has been outstanding all year in the things that he’s able to do,” Morris said. “He’s special. If it wasn’t for this other guy out in Philly, he’d get a lot more recognition across the league. But that guy is having a special year, and Bijan’s not far behind him.” With kicker Younghoe Koo on injured reserve and watching from the sideline, Riley Patterson was wide left on his first field-goal attempt from 43 yards. Patterson rebounded to make attempts from 52 and 37 yards. Jessie Bates III and Matthew Judon each had a pick-6 to highlight a day of big plays for the defense. Arnold Ebiketie had his fifth sack of the season and added a fumble recovery. Kaden Ellis added a strip-sack. He also has five sacks this season, including sacks in four consecutive games. It is the longest streak for Atlanta since Patrick Kerney had sacks in five straight games in 2001. There was some thought that a change at quarterback could be good news for Pitts, who often seemed to be missing in action with Cousins running the offense. After all, a tight end often is a natural target for quick passes from a rookie making his first start. Instead, Pitts had a poor start to the Penix era when he bobbled his first pass from the left-hander, creating an interception by cornerback Cor’Dale Flott. Pitts caught a 7-yard pass on his only other target. For the season, Pitts has 41 catches for 543 yards and three touchdowns. There will be much interest in this week’s injury report after WR Drake London (hamstring) was hurt in the second half. Morris provided an optimistic postgame outlook on London. CB Antonio Hamilton (quad) did not return after leaving the game in the first half. 8: Bates has four interceptions and four forced fumbles. His combined eight forced turnovers lead the NFL. The game against Jayden Daniels and the Commanders is a reminder Penix was only the fourth of six quarterbacks selected in the first round of the NFL draft. Daniels, from LSU, was the No. 2 overall pick behind Caleb Williams by Chicago. AP NFL: https://apnews.com/hub/nfl
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