Forget the Santa Claus Rally -- Artificial Intelligence Stocks Like Broadcom, Amazon, and Rivian Dragged the Stock Market Down Today

Artificial intelligence (AI) and tech stocks dragged the Nasdaq Composite (NASDAQINDEX: ^IXIC) down as much as 2.4% at one point today. The Dow Jones Industrial Average (DJINDICES: ^DJI) lost as much as 500 points in a holiday-shortened week usually powered by a Santa Claus rally that has failed to materialize thus far.Shares of artificial intelligence chipmaker Broadcom (NASDAQ: AVGO) and e-commerce giant Amazon (NASDAQ: AMZN) traded close to 2% lower as of 2:26 p.m. ET today. Shares of electric carmaker Rivian (NASDAQ: RIVN) were down close to 3%.Usually, the subdued final week of the year is met with a Santa Claus rally, which includes the last five trading days of the year and the first two in January. Stocks tend to move higher in the year's final days, with most investors on vacation and trading volume light. These seven days of the year have averaged gains of 1.3% since 1950.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool