‘Santa Claus Rally’ Fails to Materialize as Markets Skid

Where the Magnificent Seven go, the rest usually follow. That was the case much of this year as Wall Street hit record after record. But alas that same pattern can play out in the red, too. Hoping for a so-called Santa Claus rally, investors instead found no batteries included amid Friday’s thin trading as the S&P 500 lost 1.1% and the Nasdaq 100 slipped 1.4%. While every major industry succumbed to the slide, it was the seven technology megacaps that took it in the teeth. Still, with its limited trading and traditionally light volumes, next week may bring some unforeseen packages. Steve Sosnick at Interactive Brokers says he’s been fielding more inquiries than expected. “There are large accounts, pension funds and the like, who need to rebalance their holdings before year-end,” he said.

Both Chicago and the state of Illinois have weathered several high-profile corporate departures in recent years, ranging from Ken Griffin’s Wall Street giant Citadel, construction stalwart Caterpillar and even embattled planemaker Boeing. The city has been struggling of late to fill its coffers. Now Peak6 Investments isjoining the herd and transferring its global headquarters to Austin. The company, with a portfolio that’s ranged from early-stage businesses to professional sports teams, said the move will put its executive team closer to the bulk of its workers, a majority of whom are already in Texas.