The S&P 500 has now erased all of the gains that followed President-elect Donald Trump’s victory in the Nov. 5 U.S. election.
In recent trade, the index stood at 5,844. On Nov. 6, the morning after Trump was declared the winner after sweeping the swing states, the index opened at 5,864.
Both the S&P 500 and Nasdaq Composite were heading for their worst weekly showings since Sept. 6, when concerns about the strength of the U.S. labor market reemerged to rattle markets. The Dow, meanwhile, was on track for its biggest weekly percentage-point drop since March 2023.
Rising Treasury yields and the Federal Reserve’s latest projections regarding its plans for lowering interest rates in 2025 have been blamed for contributing to the turbulence in stocks. However, signs that the rally was losing steam have been accumulating since the start of December.