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The information technology sector weighed on the S&P 500, with most tech and AI-linked stocks falling, including Nvidia and Palantir Technologies.

“This is (not) the beginning of the end of the tech dominance, it’ll turn out to be a buying opportunity,” said Hank Smith, director and head of investment strategy at Haverford Trust.

“A big reason for that is the top tech names, excluding Tesla, do not have challenging valuations given their growth rate, the moat around their business and their financial strength, which is unparalleled.”

At the close, the S&P 500 lost 24.2 points, or 0.35 per cent, to end at 6,905.74 points. The Nasdaq Composite fell 118.74 points, or 0.50 per cent, to 23,474.34, while the Dow Jones Industrial Average dropped 249.04 points, or 0.51 per cent, to 48,461.93.

Sector moves mixed as oil rises and metals ease

Tesla shares fell sharply after hitting a record high last week, weighing on the consumer discretionary sector.

Materials stocks also slipped, with precious metal miners falling as silver dropped sharply after topping US$80 (A$120) an ounce for the first time. Gold prices also eased after posting back-to-back record highs last week.

In contrast, energy stocks rose, tracking a two per cent lift in oil prices.

Bank stocks retreated after a strong run this year. Citigroup, one of the sector’s standout performers in 2025 due to progress on regulatory issues, was among the day’s biggest decliners.

Late-year rally pauses near record levels

Stocks pulled back after the S&P 500 moved within one per cent of the 7,000-point mark. The blue-chip Dow closed at a record high last week.

Some investors had been hoping for a “Santa Claus rally” — a seasonal pattern in which the S&P 500 often posts gains during the final five trading days of the year and the first two sessions of January, according to the Stock Trader’s Almanac.

Despite Monday’s dip, all three major indexes remain on track for solid monthly gains. The Dow and the S&P 500 are heading for their eighth straight month in positive territory.

Optimism holds despite year-end dip

The bull market, which began in October 2022, remains intact despite concerns over high technology valuations and market volatility.

Optimism around artificial intelligence, expectations of interest-rate cuts and signs of a resilient economy have helped put all three major indexes on track for a third consecutive yearly gain. Most strategists also expect further gains in 2026.

With expectations for continued global economic growth and further easing by the Federal Reserve, “it would be unusual to see a major equity setback or bear market without a recession”, Goldman Sachs chief global equities strategist Peter Oppenheimer said in a recent note.

Looking ahead

Investors are now looking ahead to minutes from the Federal Reserve’s previous meeting and weekly jobless claims data in an otherwise light economic calendar.

The S&P 500 is up about 17 per cent so far this year, as enthusiasm around artificial intelligence helped the US benchmark outperform Europe’s STOXX 600, despite some investors earlier diversifying away from US stocks.

The former Chief Executive of NHS England and a clinician who set up a service for refugee doctors are among those recognised on the New Years Honours list, released today (Monday 29 December). 

Around three dozen NHS staff including nurses, surgeons, and GPs have been recognised for their service.

The head of the NHS, Sir James Mackey, commended the commitment of those recognised amid another challenging year for the health service.

The honours come at the end of a year in which the NHS dealt with record levels of demand and an early surge in winter viruses, but staff have continued working hard to bring down waiting times further.

This year also saw the launch of the 10 Year Health Plan, outlining steps to transform the NHS to ensure it is fit for future generations.

The NHS has already started to deliver on the key pillars of the plan through greater use of technology with record numbers of people now using the NHS App, and more support in communities with GPs delivering more appointments than ever before.

Chief Executive of NHS England Sir James Mackey said: “As this year comes to a close, it’s important to take a moment to thank all our NHS staff who have been recognised for their dedication and tireless efforts to improve care for patients across the country.

“It is incredible to see so many of our colleagues honoured for their commitment – from Amanda Pritchard, the first female chief executive of the NHS, to the clinicians transforming children’s care – we are incredibly grateful for the hard work of those who have continuously gone above and beyond for NHS patients.”

Health Minister Baroness Merron said:“I offer my warmest congratulations to Amanda Pritchard, Suzy Lishman, Sarah Anderson, Saffron Cordery and all the other amazing health and social care leaders for their recognition in His Majesty the King’s New Year Honours List.

“Amanda was hugely supportive during our time working together and showed incredible leadership in the face of the biggest health emergency in modern history.

“All those recognised in the list have demonstrated the highest levels of integrity and unwavering commitment to the health and social care sector.”

Former chief executive of NHS England, Amanda Pritchard, received a Dame Commander of the Order of the British Empire for her services to the NHS, including being the first woman in the health service’s history to hold the post of NHS chief executive, having began her NHS career as a graduate management trainee in 1997.

Amanda was Chief Executive from August 2021 until March 2025 and formally chief operating officer at NHS England from 2019, leading the NHS through the most challenging period in its 76-year history.

After leaving NHS England Amanda returned to be Chief Executive of Guy’s and St Thomas’ NHS Foundation Trust in September 2025, where she held the role previously. She was also previously Deputy Chief Executive at Chelsea and Westminster NHS Foundation Trust and served as a health team leader in the Prime Minister’s Delivery Unit.

She said: “I am deeply honoured to receive this award, which reflects the extraordinary achievements of so many people across the NHS past and present. The health service cares for over 1.7m people every day, with dedicated staff going above and beyond, time and again, for patients and their families.

“Their commitment was never clearer than during the Covid pandemic, including the NHS’s world-leading vaccine rollout.  It was an enormous privilege to lead the NHS in England through what was undoubtedly the greatest challenge in the health service’s history.

“Staff have continued to show the same commitment and passion to recover services, innovate and transform care for the future. I am delighted to be back now on the front line of the NHS, continuing to play my part alongside extraordinary colleagues across the health service and beyond who are committed to providing high quality healthcare for all, now and for future generations. This honour belongs to them all.”

Also, among those praised for their work, was Jackie Hanson, former regional chief nurse for NHS England, who received a Member of the Order of the British Empire (MBE) for her services to the nursing profession and health services leadership.

She said: “I am deeply honoured and proud to receive this award that has been given in recognition of my leadership contribution to Nursing and Health services. I have been enormously privileged to work alongside dedicated, hardworking and compassionate staff who have strived to improve the quality of health care services for communities and patients within the North West.

“I dedicate this award to all of them and thank them for their support and guidance throughout my career.”

Dr Michael Marsh, NHS England’s former South West Medical Director, was also recognised with an MBE for his contributions to healthcare, including establishing the first Paediatric Intensive Care Unit at University Hospital Southampton – a landmark achievement that has had a lasting impact on the care of critically-ill children.

Dr Marsh said: “My entire career has been a joy and a privilege, firstly as a paediatrician caring for our most vulnerable and sickest patients, and as a medical leader improving services for the wider public. Now, in my non-executive roles at Moorfields and University Hospital Dorset, I’m able to continue to support high standards of clinical care.”

Also recognised was South West London and St George’s Mental Health NHS Trust Chief Executive, Vanessa Ford, who was awarded an MBE in recognition of her leadership and commitment to improving mental health services.

She said: “This honour recognises the incredible work of people across the Trust – our patients, their carers, our staff and our communities. I am fortunate to work alongside diverse, talented and compassionate people who work tirelessly to reduce the stigma of mental ill health and improve care for all of our communities. Receiving this award is an absolute honour, and one that belongs to us all.”

Retired doctor, Dr Maeve Keaney, was also recognised with an MBE for services to refugee doctors in Manchester, after establishing the Refugee and Asylum Seekers Centre for Healthcare Professionals Education project in 2003 – a programme that has supported hundreds of refugee and asylum seeker doctors and nurses to regain their professional identity and return to clinical work in the NHS.

Twins, Ryan Appleton and Dean Appleton from Colchester, who are both community first responders, are also receiving British Empire Medals for services to the community in the East of England.