Stock market today: Stocks waver in thin trading after US markets reopen following a holiday pause
Stocks wavered on Wall Street in afternoon trading Thursday, as gains in tech companies and retailers helped temper losses elsewhere in the market.
The S&P 500 was down less than 0.1% after drifting between small gains and losses. The benchmark index is coming off a three-day winning streak.
The Dow Jones Industrial Average was up 6 points, or less than 0.1%, as of 1:52 p.m. Eastern time. The Nasdaq composite was down less than 0.1%.
Trading volume was lighter than usual as U.S. markets reopened after the Christmas holiday.
Chip company Broadcom rose 2.9%, Micron Technology was up 1% and Adobe gained 0.8%.
While tech stocks overall were in the green, some heavyweights were a drag on the market. Semiconductor giant Nvidia, whose enormous valuation gives it an outsize influence on indexes, slipped 0.1%. Meta Platforms fell 0.7%, Amazon was down 0.6%, and Netflix gave up 1.1%.
Tesla was among the biggest decliners in the S&P 500, down 1.9%.
Health care stocks helped lift the market. CVS Health rose 1.7% and Walgreens Boots Alliance rose 3% for the biggest gain among S&P 500 stocks.
Several retailers also gained ground. Target rose 2.8%, Best Buy was up 2.2% and Dollar Tree gained 2.7%.
Retailers are hoping for a solid sales this holiday season, and the day after Christmas traditionally ranks among the top 10 biggest shopping days of the year, as consumers go online or rush to stores to cash in gift cards and raid bargain bins.
U.S.-listed shares in Honda and Nissan rose 4% and 16%, respectively. The Japanese automakers announced earlier this week that the two companies are in talks to combine.
Traders got a labor market update. U.S. applications for unemployment benefits held steady last week, though continuing claims rose to the highest level in three years, the Labor Department reported.
Treasury yields turned mostly lower in the bond market. The yield on the 10-year Treasury fell to 4.57% from 4.59% late Tuesday.
Major European markets were closed, as well as Hong Kong, Australia, New Zealand and Indonesia.
Trading was expected to be subdued this week with a thin slate of economic data on the calendar.
Still, U.S. markets have historically gotten a boost at year’s end despite lower trading volumes. The last five trading days of each year, plus the first two in the new year, have brought an average gain of 1.3% since 1950.
So far this month, the U.S. stock market has lost some of its gains since President-elect Donald Trump’s win on Election Day, which raised hopes for faster economic growth and more lax regulations that would boost corporate profits. Worries have risen that Trump’s preference for tariffs and other policies could lead to higher inflation, a bigger U.S. government debt and difficulties for global trade.
Even so, the U.S. market remains on pace to deliver strong returns for 2024. The benchmark S&P 500 is up roughly 26% so far this year and remains near its most recent all-time high it set earlier this month — its latest of 57 record highs this year.
Wall Street has several economic reports to look forward to next week, including updates on pending home sales and home prices, a report on U.S. construction spending and snapshots of manufacturing activity.
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AP Business Writers Elaine Kurtenbach and Matt Ott contributed.