On December 18, 2024, major U.S. stock indices experienced notable declines, with the S&P 500 (SPY) down 2.95%, the Nasdaq 100 (QQQ) down 3.56%, the Dow Jones Industrial Average (DJI) down 2.59%, and the Russell 2000 (IWM) down 4.39%. This downturn followed a previous day where the indices also closed lower, indicating a trend of volatility in the market. The VIX, a measure of market volatility, rose by 28% during this period. On December 19, the market showed signs of recovery with SPY increasing by 1.01%, QQQ by 0.95%, DJI by 0.93%, and IWM by 1.31%. Despite the recovery, the Russell 2000 has faced a 9% drawdown from its closing price, reflecting ongoing instability in small-cap stocks. The market also faced a significant imbalance in market-on-close orders, with the S&P 500 seeing a negative imbalance of $1.9 billion.