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Stock Market Coverage – Thursday Afternoon January 2 Yahoo Finance
Stocks erased session gains on Thursday to kick off the first trading day of the new year as Wall Street returned from a holiday break.
The S&P 500 (^GSPC) fell 0.2% after opening in green territory. Meanwhile, the Dow Jones Industrial Average (^DJI) shed about 0.3%, or 150 points, and the tech-heavy Nasdaq Composite (^IXIC) fell less than 0.2%.
Markets had been eyeing a comeback after a year-end slide to begin the week dented hopes for a “Santa Claus rally.” The decline capped a blowout 2024 for US stocks that saw the S&P 500 (^GSPC) post two years in a row of over-20% gains — something it hasn’t achieved in almost three decades.
Bond yields and the US Dollar Index (DX-Y.NYB) continued to march higher on Thursday. The 10-year Treasury yield was up about 2 basis points to hover around 4.57%. Meanwhile, the US Dollar Index rose above 109, hitting its highest level since November 2022.
Tesla (TSLA) shares slid almost 6% after the electric vehicle maker posted its first decline in annual deliveries on Thursday morning. Also in focus was news that a Cybertruck loaded with firework mortars and fuel canisters exploded in Las Vegas on Wednesday, killing one person.
Meanwhile, Apple (AAPL) shares fell more than 2.5% after the iPhone maker offered rare price discounts on its latest models in China, reflecting rising competition from local handset makers.
Over the holiday week, US mortgage rates rose to 6.97% to reach the highest level since early July, data showed. The gain weighed on applications for home purchases and dented refinancing, according to the Mortgage Bankers Association.
Weekly jobless claims fell to their lowest level since April. Data released by the Department of Labor on Thursday morning showed claims of 211,000, a decrease from the previous week’s upwardly revised level of 220,000.
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