NEW YORK, Jan. 2 (Xinhua) -- U.S. stocks ended lower on Thursday, extending the late-2024 slump into the first trading day of 2025.

Despite early gains that saw the Dow Jones Industrial Average rise over 300 points, the Dow fell by 151.95 points, or 0.36 percent, to 42,392.27, logging a 700-point intraday swing from high to low. The S&P 500 sank 13.08 points, or 0.22 percent, to 5,868.55. The Nasdaq Composite Index shed 30.00 points, or 0.16 percent, to 19,280.79.

Seven of the 11 primary S&P 500 sectors ended in red, with consumer discretionary and materials leading the laggards by dropping 1.27 percent and 1.14 percent, respectively. Meanwhile, energy and utilities led the gainers by going up 1.04 percent and 0.73 percent, respectively.

Technology stocks weighed heavily on the market. Apple dropped 2.62 percent, while Tesla fell 6.08 percent after reporting an annual decline in deliveries for 2024. Adding to Tesla's challenges, a Cybertruck loaded with fireworks mortars and fuel canisters exploded in Las Vegas on Wednesday, resulting in one fatality. On the other hand, chipmaker Nvidia provided a bright spot, rising almost 3 percent and tempering the broader selloff in Big Tech.

U.S. bond yields added to the market's turbulence. The benchmark 10-year Treasury yield briefly topped 4.6 percent before retreating to 4.559 percent as of 4:15 p.m. EST.

On the economic front, the week remained light on data, but labor market indicators offered a positive signal. Initial claims for state unemployment benefits fell by 9,000 to a seasonally adjusted 211,000 for the week ending Dec. 28, marking the lowest level since April. Continuing claims also declined, reinforcing the resilience of the job market despite broader economic uncertainties.

"If we don't want to buy at all time highs, you can now still earn good money in cash. Let it sit there, wait for a better entry point, and wait for it in certain stocks," Liz Young Thomas, head of investment strategy at SoFi, said Thursday. Enditem

Related

Go to Forum >>0 Comment(s)