LIVE MARKETS-Santa's sleigh skids to kick off final week of the year

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SANTA'S SLEIGH SKIDS TO KICK OFF FINAL WEEK OF THE YEAR

Wall Street's main indexes are modestly red to kick off the final week of the year as heavyweight technology stocks give up some ground from last week's gains, which had pushed the S&P 500 to new highs.

A majority of S&P 500 .SPX sectors are lower with Materials .SPLRCM, down more than 1%, taking the biggest hit. Precious metals and mining stocks are under pressure. Spot gold XAU= is down more than 4%, and the Philadelphia Gold/Silver Index .XAU is down nearly 6%.

Energy .SPNY, up around 0.7%, is posting the biggest gain among S&P 500 sectors. Oil is jumping more than 2% as investors weigh Ukraine talks against the supply outlook.

Defensive S&P 500 groups are also showing some strength.

Meanwhile, Monday marks day three of the seven-day Santa Claus Rally period (the last five trading days of the year, and the first two trading days of the new year). With Monday's early weakness, the S&P 500's rolling three-day change is now down around 0.15%.

Here is a snapshot of where markets stood around 10:05 a.m. ET.

(Terence Gabriel)

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