Investors became gloomy on Friday, threatening to derail a long winning streak for stocks, as inflation remained high.

According to the latest Labor Department data, weekly jobless claims fell to 219,000 compared with expectations of 223,000. However continuing claims pointed to a cooling labor market, jumping by 46,000 in the week ending Dec. 14 to 1.91 million, the highest level since November 2021.

Tech and growth stocks dragged Wall Street’s main indexes lower on Friday, at the end of an upbeat holiday-shortened week that was driven by expectations around a traditionally strong period for markets.

SPX has rallied, VIX has fallen, and there’s been general improvement in the U.S. stock market’s internal indicators. Moreover, this is the beginning of another seasonally bullish period — the so-called Santa Claus rally.

US stocks are limping toward the finish line, leaving investors questioning whether the traditional Santa Claus Rally will make its appearance. This year’s rally window—spanning the last five trading days of December and the first two of January—opened Tuesday.