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Stock Market Coverage – Thursday Morning January 2 Yahoo Finance
Stocks rose on Thursday to kick off the first trading day of the new year as Wall Street returned from holiday.
The S&P 500 (^GSPC) edged up 0.4%, while the Dow Jones Industrial Average (^DJI) rose above the flat line. The tech-heavy Nasdaq Composite (^IXIC) gained 0.4% after markets reopened from Wednesday’s closure.
Markets are 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.
Several Big Tech stocks led the market higher with shares of Nvidia (NVDA), Amazon (AMZN), and Meta (META) all rising as optimism around artificial intelligence crept back in. Investors have been debating what role the "Magnificent Seven" stocks will play in powering markets in 2025 after their massive outperformance last year.
But 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. The FBI is investigating whether the blast outside the Trump International Hotel was an act of terrorism.
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 March. 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.
On the corporate front, Apple (AAPL) shares fell around 2% after the iPhone maker offered rare price discounts on its latest models in China, reflecting rising competition from local handset makers.
