US stocks open lower at the end of the holiday-shortened week

From Investing.com: 2024-12-27 09:43:38

U.S. stock index futures dropped premarket on Friday after a quiet day on Wall Street. The Nasdaq Composite fell 0.3% to 6,018.40, the S&P 500 was down 0.4% to 21,693.60, and the Dow Jones declined 0.3% to 43,216.0 points.

Tech stocks were pressured by higher treasury yields, with the benchmark 10-year Treasury yield hitting 4.64%. A seven-year note auction helped ease yields to 4.59% later. Rising yields make bonds more attractive, leading to a shift away from tech stocks.

Major tech companies like Apple, Tesla, NVIDIA, Alphabet, and Arm Holdings saw mixed performance. The Nasdaq closed at 6,037.59 points, the S&P 500 at 20,020.36 points, and the Dow Jones at 43,325.80 points.

Weekly US jobless claims data showed a slight decrease to 219,000 initial applications, lower than economists’ predictions. However, the number of individuals receiving benefits after the first week increased by 46,000 to 1.910 million, the highest since November 2021. The contrasting signals support the Fed’s cautious approach to rates.



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