US: Stocks retreat in first session of 2025
WALL Street stocks opened 2025 on a tepid note on Thursday, falling modestly as markets await a much heavier news flow later in January.
While Tesla fell sharply following disappointing year-end auto sales figures, a light news flow and modest trading volumes limited swings in the broader market, analysts said.
“It feels like we won’t have all of the players back until Monday,” said Art Hogan of B. Riley Wealth Management. “We’re stuck in holiday mode.”
The Dow Jones Industrial Average ended down 0.4 per cent at 42,392.27.
The broad-based S&P 500 dipped 0.2 per cent to 5,868.55, while the tech-rich Nasdaq Composite Index also declined 0.2 per cent to 19,280.79.
Investors are gearing up for big changes in the weeks ahead, especially the Jan 20 presidential inauguration of Donald Trump.
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But there are also significant economic releases in the coming period relating to the job market, inflation and retail sales during the holiday shopping season.
“We know that part of the policy mix that the incoming president is recommending is pro-growth and part could cause some market volatility like the policies around trade and immigration,” said Angelo Kourkafas of Edward Jones.
Among individual companies, Tesla slumped 5.8 per cent after fourth-quarter auto sales lagged expectations. While the result was disappointing, analysts noted that Tesla shares have rocketed higher since the US election.
Constellation shot up 8.4 per cent after announcing it won more than US$1 billion in US contracts to supply power to government agencies. AFP
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