US close: Stocks little changed after Christmas breather

(Sharecast News) - US stocks closed with little movement Tuesday as investors returned from the Christmas holiday, grappling with muted volumes and limited economic data. The Dow Jones Industrial Average edged up 0.07% to close at 43,325.80, marking the only major index to post gains.

Meanwhile, the S&P 500 dipped slightly, down 0.04% to 6,037.59, while the Nasdaq Composite slipped 0.05% to close at 20,020.36.

In currency markets, the dollar was last down 0.01% on sterling to trade at 79.83p, as it slipped 0.02% against the euro to 95.93 euro cents, and weakened 0.16% on the yen, changing hands at JPY 157.74.

"US equities are stuck in a holding pattern as trading volumes dry up following the holiday break, and Europe is largely absent from the action," said analyst Stephen Innes in his Dark Side of the Boom commentary.

"Liquidity remains razor-thin, and market moves appear more about year-end housekeeping than aggressive positioning.

"With the calendar year winding down and little in the way of tier-one economic data, the market is content mainly to drift until something shakes it from its slumber - likely a late-year squeeze or perhaps a Trump-driven shift in global economic sentiment."

Jobless claims decline in the week before Christmas

In economic news, the number of Americans filing new unemployment claims declined last week, signalling continued resilience in the labor market even as hiring momentum cools.

Initial claims for state unemployment benefits dropped by 1,000 to a seasonally adjusted 219,000 for the week ended 21 December, according to the Labor Department.

The figure came in below economists' expectations of 224,000 and remained consistent with the average level of claims over the past year.

Labour market trends have been volatile in recent weeks, influenced by seasonal factors such as temporary holiday hiring.

Despite that, layoffs remain subdued, reflecting a labor market that, while slowing, shows no immediate signs of significant deterioration.

However, challenges were emerging for those who lost their jobs - the number of individuals continuing to receive unemployment benefits after an initial claim rose by 46,000 to 1.91 million in the week ended 14 December, the highest level since November 2021.

That measure, a proxy for ongoing hiring activity, exceeded expectations of 1.88 million.

The average duration of unemployment also increased to 23.7 weeks in November, the longest since April 2022.

While continued claims had edged higher over the past year, they remained just 100,000 above year-ago levels, far from the sharp increases typically seen in a weakening jobs market.

The data aligned with expectations for slower job growth in December, following the addition of 227,000 nonfarm jobs in November.

Tesla and Meta in the red, GameStop rises as Roaring Kitty returns

In equity markets, Tesla shares fell 1.76%, while Meta Platforms slipped 0.72%, pulling down the communication services sector.

On the upside, chipmaker Broadcom gained 2.37%, marking its fourth consecutive day of increases.

GameStop surged 5.94% as enthusiasm reignited following a cryptic social media post by Keith Gill, known as Roaring Kitty, a prominent figure in the meme stock movement.

The stock had climbed roughly 16% over the past five days and was up more than 88% in 2024.

Elsewhere, Apple touched an all-time intraday high of $260 before trimming gains, closing up 0.32%.

The rally followed an upgraded price target from Wedbush analyst Dan Ives, who cited expectations of a "golden era of growth" for the tech giant in 2025.

Apple shares had risen over 11% in the past month, pushing the company closer to a $4trn market cap.

Reporting by Josh White for Sharecast.com.

Dow Jones - Risers

Walgreens Boots Alliance, Inc. (WBA) $9.68 5.33% Unitedhealth Group Inc. (UNH) $511.10 1.00% Procter & Gamble Co. (PG) $170.16 0.72% 3M Co. (MMM) $131.21 0.63% Boeing Co. (BA) $180.38 0.58% Merck & Co. Inc. (MRK) $99.87 0.42% Verizon Communications Inc. (VZ) $39.96 0.40% Travelers Company Inc. (TRV) $243.73 0.35% JP Morgan Chase & Co. (JPM) $243.14 0.34% Dow Chemical Co. (DOW) $40.22 0.32%

Dow Jones - Fallers

Salesforce.Com Inc. (CRM) $341.72 -0.79% Amgen Inc. (AMGN) $263.18 -0.50% Coca-Cola Co. (KO) $62.57 -0.43% Microsoft Corp. (MSFT) $438.11 -0.28% Goldman Sachs Group Inc. (GS) $581.23 -0.27% Home Depot Inc. (HD) $395.14 -0.25% Johnson & Johnson (JNJ) $145.58 -0.19% Caterpillar Inc. (CAT) $367.12 -0.12% Walt Disney Co. (DIS) $112.55 -0.01% Dowdupont Inc. (DWDP) $0.00 0.00%

S&P 500 - Risers

Macy's Inc. (M) $18.10 7.61% Walgreens Boots Alliance, Inc. (WBA) $9.68 5.33% Foot Locker Inc. (FL) $22.90 5.09% Nektar Therapeutics (NKTR) $0.95 4.78% Dollar Tree Inc (DLTR) $76.19 3.83% Kohls Corp. (KSS) $14.85 3.20% Target Corp. (TGT) $136.39 3.01% Best Buy Co. Inc. (BBY) $89.37 2.90% FedEx Corp. (FDX) $278.66 2.51% Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $446.21 2.50%

S&P 500 - Fallers

CenturyLink Inc. (LUMN) $5.67 -2.58% Bath & Body Works, Inc. (BBWI) $38.20 -2.28% Cintas Corp. (CTAS) $185.13 -1.71% Altria Group Inc. (MO) $52.60 -1.63% AES Corp. (AES) $12.84 -1.38% AutoZone Inc. (AZO) $3,241.25 -1.29% Chipotle Mexican Grill Inc. (CMG) $61.47 -1.24% FMC Corp. (FMC) $49.13 -1.23% O'Reilly Automotive Inc. (ORLY) $1,206.78 -1.22% Williams Companies Inc. (WMB) $53.95 -1.17%

Nasdaq 100 - Risers

Walgreens Boots Alliance, Inc. (WBA) $9.68 5.33% Qurate Retail Inc. (QRTEA) $0.36 4.22% Dollar Tree Inc (DLTR) $76.19 3.83% Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $446.21 2.50% Broadcom Inc. (AVGO) $245.36 2.37% Ross Stores Inc. (ROST) $153.87 2.26% Starbucks Corp. (SBUX) $91.86 2.17% DENTSPLY Sirona Inc. (XRAY) $19.16 1.38% Henry Schein Inc. (HSIC) $70.97 1.37% Trip.com Group Limited (TCOM) $73.06 1.04%

Nasdaq 100 - Fallers

Tesla Inc (TSLA) $454.13 -1.76% Cintas Corp. (CTAS) $185.13 -1.71% O'Reilly Automotive Inc. (ORLY) $1,206.78 -1.22% Fastenal Co. (FAST) $74.42 -0.92% JD.com, Inc. (JD) $36.13 -0.91% Amazon.Com Inc. (AMZN) $227.05 -0.87% Synopsys Inc. (SNPS) $495.82 -0.87% Netflix Inc. (NFLX) $924.14 -0.86% Meta Platforms Inc. (META) $603.35 -0.72% Mercadolibre Inc. (MELI) $1,732.76 -0.60%