Traders work on the floor of the New York Stock Exchange (NYSE) on the first day of trading of the new year on January 02, 2025 in New York City.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 S&P 500 fell 0.16% on Thursday, marking its fifth consecutive session of losses, the longest losing streak since April.
The Nasdaq Composite also declined, closing 0.79% lower. Tesla's annual vehicle deliveries declined for the first time in a year, falling short of analyst expectations. Facebook's parent company Meta Platforms is replacing its president of global affairs Nick Clegg with Joel Kaplan. The European Union is working to prepare member states for a potential recession. As the first trading day of the year opened, all major indexes advanced, giving rise to the hope that stocks could begin 2025 bright and cheery. But, like workers shedding the new year festivities and glumly marching back to the office, stocks lost their sheen, began tilting down and closed the session lower. The 10-year Treasury yield climbed as high as 4.6% in the afternoon, before leveling off at the end of the day. That climb coincided with the time stocks began to decline: The S&P 500 lost around 60 points between 12 p.m. to 1 p.m. Even though the 10-year yield eventually levelled off at the end of the day, persistently high yields are a threat to stocks because they represent a safer avenue where investors can stash their cash. When Treasurys can give a guaranteed 4.6% return, the risk of betting on stocks seems less attractive
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