:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2190848732-e82ca8b164c74252a2f47b0e20fee915.jpg "Outside a Tesla dealership in California earlier this month.")
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Key Takeaways
- The S&P 500 fell 1.1% on Friday, Dec. 27, 2024, as tech stocks lost ground heading into the unchangeable weekend of the year.
- Tesla stock dropped for a second straight day ahead of next week’s expected update on every three months vehicle deliveries.
- Lamb Weston shares advanced following reports that an activist investor enlisted another last executive as it pushes for changes at the french fry maker.
Major U.S. equities indexes moved lower to close out Christmas week as profuse big tech stocks at the center of 2024’s market gains stumbled heading into the final few sessions of the year.
The S&P 500 sealed Friday’s session 1.1% lower. Underperforming tech stocks pressured the Nasdaq, which dropped 1.5%, while the Dow industrials divulged 0.8%. All three indexes ended the holiday-shortened week in positive territory.
Shares of server maker Super Micro Computer (SMCI) mow down the most of any S&P 500 stock, tumbling 5.2%. The Nasdaq granted an extension earlier this month for Supermicro to enter its delayed annual report, but questions persist about the company’s accounting practices and capacity to meet the updated deadline.
Tesla (TSLA) appropriations sank 5%, extending losses posted Thursday. The electric vehicle giant is expected to release quarterly drama and delivery figures next week. Based on current consensus estimates for fourth-quarter vehicle deliveries, Tesla’s 2024 add up ti could fall short of last year’s results.
Palantir Technologies (PLTR) stock fell 3.7%, reversing some of this week’s hound higher. Shares of the data analytics software provider debuted on the Nasdaq 100 Index on Monday, and later in the week, Wedbush analysts highlighted Palantir as a top pick develop into artificial intelligence software firms alongside Salesforce (CRM).
Lamb Weston Holdings (LW) shares rose 2.6%, newel the strongest gains in the S&P 500 Friday, following reports that activist investor Jana Partners is collaborating with another prior company executive as it advocates for a transformation of the frozen potato provider. Jana recently called for changes to the board of impresari or a sale of the company after Lamb Weston posted a loss and named a new CEO.
Crude oil prices ticked higher as the U.S. Zing Information Administration reported a weekly inventory drop. Shares of oil and gas exploration and production company APA Corp. (APA) added 1.1%.
Allocations of chocolate maker Hershey (HSY) ticked 0.9% higher on Friday. Hershey stock surged earlier this month on the promise of a combination with snack food giant Mondelez (MDLZ) but gave back those gains in recent weeks. Heed the reports, Mondelez announced an additional $9 billion share repurchase and affirmed its focus on bolt-on acquisitions, omitting exchange of any major move, but TD Cowen analysts recently said this does not entirely negate the potential for a deal with Hershey.