Wall Street: Sell-offs After Record Highs

On Wall Street, tech stocks supported the market, but the Dow Jones and S&P 500 succumbed to pressure. Investors are assessing economic data and geopolitical developments, while Donald Trump criticized the defense industry.

The Dow Jones closed down 0.94% at 48,996 points, the S&P 500 fell by 0.34% to 6,920 points, while the Nasdaq rose by 0.16% to 23,584 points.

The 10-year bond yield fell to 4.13% and the 2-year yield to 3.46%.

Service sector activity in December recorded its fastest expansion rate in over a year. The ADP report on private sector employment showed a moderate increase in hiring.

Evercore ISI estimates that the Fed will keep interest rates unchanged at its next meeting.

Defense industries, such as Lockheed Martin, General Dynamics, and Northrop Grumman, came under pressure following Donald Trump's statements regarding dividends and share buybacks.

Eli Lilly's stock rose after a positive outlook from UBS for a new obesity drug.