Traders work at the New York Stock Exchange on December 17, 2024.
New York Stock Exchange
U.S. stock futures were little changed late Thursday after a turbulent start to the new year.
Dow Jones Industrial Average futures fell 16 points, or 0.04%. S&P 500 futures and Nasdaq 100 futures fell 0.04% and 0.03%, respectively.
Stock market starts January Volatile trading hoursinvestors took profits in some stocks with big gains in 2024, such as Apple and Tesla. The Dow Jones closed down more than 150 points that day, or about 0.4%. The S&P 500 and Nasdaq fell about 0.2% each. Earlier in the day, all three major benchmark indexes were higher, with the Dow Jones rising more than 300 points at one point before falling back as trading progressed.
The moves follow a poor performance for the stock market in 2024, with the S&P 500 falling for four consecutive days for the first time since 1966. %. The “Santa Claus” rally, in which stocks rise on the last five trading days of one year and the first two trading days of the next, also failed to materialize.
“The development of this weakness can be very emotionally driven. We do get a lot of bubble conditions in the post-election, post-election rally period, especially when we go back to concentration issues,” said Charles Schwab ) chief investment strategist Ann Sonders said Thursday on CNBC’s “Closing Bell.”
“I don’t think there’s really any major catalyst,” she added. “I think from an emotional standpoint, it’s more of an exhaustion.”
This week’s economic calendar lacks catalysts, but traders will focus on the latest economic data on Friday ISM manufacturing index. Fed officials Thomas Barkin and Mary Daly will also speak.
Stocks are accelerating end this week and losses. As of Thursday’s close, 30 stocks in the Dow Jones and S&P 500 were down more than 1%. The Nasdaq fell more than 2%.
