U.S. Stock Market Ends Week Lower Despite Energy Sector Gains

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The major U.S. stock indexes ended the week lower, despite a strong performance in the energy sector. The S&P 500 Energy sector bucked the trend, and is up more than 3% for the week. Boeing has a new CEO, Kelly Ortberg, who is tasked with ensuring the company can ramp up production and maintain quality.

Sales of foreign phone brands in China came in at 3.04 million units in November, according to CNBC calculations based on data from the China Academy of Information and Communications Technology. That represents a 47.4% plunge from November 2023, suggesting brands like Samsung and Apple are facing challenges in the Chinese market. Over half of the expected AI infrastructure spending will take place in the U.S., Microsoft Vice Chair and President Brad Smith wrote. Microsoft's 2025 fiscal year ends in June. This week are minutes for the U.S. Federal Reserve's December meeting, out Wednesday, and December's jobs report, out Friday. While neither is likely to change the Fed's interest rate decision at its January meeting, they could provide more clarity on the central bank's moves in 2025. The Dow Jones Industrial Average advanced 1.77%. Still, losses from previous trading sessions — prior to Friday, the S&P and Nasdaq were on a five-day losing streak — were too heavy to bear. For the week, the S&P 500 declined 0.48%, the Dow lost 0.60% and the Nasdaq backtracked 0.51%. This means the so-called Santa Claus Rally, a phenomenon in which stocks climb during the last five trading days of the year and the first two of the next, didn't descend on markets this year. That said, putting too much faith in such signals may be the adult equivalent of believing that it's really Santa putting a PlayStation under the tree because we were nice children

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