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S&P 500 Drops. The Market Is Headed for a Risk-Off New Year.

The stock market erased its Santa Claus rally gains on Monday as Wall Street sold precious metals and technology stocks.

The Nasdaq Composite fell 0.5%. The S&P 500 dropped 0.4%. The Dow Jones Industrial Average declined 260 points, or 0.5%.

Wall Street was generally in risk-off mode, as low volatility exchange-traded funds outperformed the broader market. Bond prices also rallied, sending yields lower.