The major US stock indices got off to a mixed start. The Dow Industrial Average rose modestly. The S&P index fell, and the Nasdaq index tumbled lower. However, indice levels are off their lows.
Market chatter centers around rotation out of the winners from 2023. Indeed all the Magnificent 7 moved lower although Tesla was near unchanged on the day after reporting better sales data.
At risk during the holiday-shortened week, is the 9-eek winning streak for the three major indices. I think that’s the largest string in 20 years. So having a down week would not the all that earth-shattering, but with unemployment on Friday a deviation from Goldilocks into a sharper downturn would probably not be welcomed by the equity markets after oversized gains in 2023.
A snapshot of final numbers shows:
- Dow Industrial Average rose 25.50 points or 0.07% at 37715.05
- S&P index fell -27.0 points or -0.57% at 4742.82
- Nasdaq index tumbled -245.42 points or -1.63% at 14765.93.
The Russell 2000, small-cap stocks were also lower on the day. They fell -14.27 points or -0.70% at 2012.79
