US stock markets slump again as year-end selling continues

The US stock markets are experiencing a slump again as we head towards year-end. The S&P 500 has dropped by 0.5% and the Nasdaq by 0.8%, particularly influenced by declines in high-flying tech and energy stocks. Oracle has seen a significant drop in share price, along with Nvidia, Google, and Broadcom being among the worst performers in the S&P 500. Tesla, however, reached all-time highs this week, likely due to short covering. Profit taking and position squaring seem prevalent as the year ends, with some stocks like Moderna, Service Now, and Chipotle performing well despite being laggards this year. There's also increasing concern about AI that might lead to heavier selling in tech going into the new year, making it crucial for traders to remain cautious. Overall, market movements are more about flows rather than fundamentals at this point.