Stocks Slide on Weakness in Megacap Tech Stocks

Market Performance - The S&P 500 Index is down -0.15%, the Dow Jones Industrials Index is down -0.18%, and the Nasdaq 100 Index is down -0.19% [1] - The Dow Jones Industrials has slid to a 1-week low, while the Nasdaq 100 has fallen to a 1.5-week low, primarily due to weakness in the Magnificent Seven technology stocks [2] Economic Indicators - US weekly initial unemployment claims unexpectedly fell by 16,000 to a 1-month low of 199,000, indicating a stronger labor market than anticipated [3] - China's December manufacturing PMI rose by +0.9 to 50.1, exceeding expectations and marking the fastest pace of expansion in 9 months [4] - The December non-manufacturing PMI in China also increased by +0.7 to 50.2, stronger than expected [4] Market Sentiment - Seasonal factors are bullish for stocks, with historical data showing that the S&P 500 has risen 75% of the time in the last two weeks of December, averaging a 1.3% increase [5] - Market focus this week is on US economic news, with expectations for the December S&P manufacturing PMI to remain at 51.8 [5] - The markets are currently pricing in a 15% chance of a -25 basis point rate cut at the upcoming FOMC meeting on January 27-28 [5] Global Market Overview - Overseas stock markets are mixed, with the Euro Stoxx 50 down -0.08% and China's Shanghai Composite closing up +0.09% [6] - Japan's Nikkei Stock 225 is closed for a bank holiday [6]