Stocks edged higher on Thursday to kick off the first trading day of the new year as Wall Street returned from holiday.
The S&P 500 (^GSPC) rose 0.2%, while the Dow Jones Industrial Average (^DJI) put on 0.5%. The tech-heavy Nasdaq Composite (^IXIC) moved up roughly 0.5% after markets reopened from Wednesday’s closure.
Markets are eyeing a comeback after a year-end slide to begin the week dented hopes for a “Santa Claus rally.” But the decline capped a blowout 2024 for US stocks that saw the S&P 500 (^GSPC) post two years of over-20% gains in a row — something it hasn’t achieved in almost three decades.
Several Big Tech stocks rose modestly, with shares of Nvidia (NVDA), Amazon (AMZN), and Meta (META) all stepping higher as optimism around artificial intelligence crept back in. Investors have been debating what role the “Magnificent Seven” stocks will play in powering markets in 2025 after their massive outperformance last year.
But Tesla (TSLA) shares slid over 3%, pulling back from premarket gains after the EV maker posted its first decline in annual deliveries on Thursday morning. Also in focus was news that a Cybertruck loaded with firework mortars and fuel canisters exploded in Las Vegas on Wednesday, killing one person. The FBI is investigating whether the blast outside the Trump International Hotel was an act of terrorism.
Over the holiday week, US mortgage rates rose to 6.97% to reach the highest level since early July, data showed. The gain weighed on applications for home purchases and dented refinancing, according to the Mortgage Bankers Association.
Weekly jobless claims fell to their lowest level since March. Data released by the Department of Labor on Thursday morning showed claims of 211,000, a decrease from the previous week’s upwardly revised level of 220,000.
On the corporate front, Apple (AAPL) shares fell 1.7% after the iPhone maker offered rare price discounts on its latest models in China, reflecting rising competition from local handset makers. Meanwhile, Alibaba’s (BABA, 9988.HK) stock tipped lower as markets absorbed news the Chinese e-commerce giant will sell its shares in hypermarket chain Sun Art (SURRY, 6808.HK) at a steep discount.
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Nvidia, Amazon, Meta lead Nasdaq higher
AI chip heavyweight Nvidia (NVDA) rose more than 2% to lead the Nasdaq Composite (^IXIC) higher on Thursday morning.
Other “Magnificent 7” stocks also helped lift the tech-heavy index, with Meta (META) and Amazon (AMZN) rising almost 2%.
Meanwhile, shares of Tesla (TSLA) pared some of the losses that came after the EV giant posted its first annual decline in deliveries. The stock fell by as much as 6% in early trading.
Apple’s (AAPL) stock also came off session lows. The iPhone maker has offered rare price discounts on its latest models in China, highlighting rising competition from local device makers.
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Dow, S&P 500 rise to kick off 2025
Stocks rose on the first trading day of the new year following a holiday break and a roaring 2024 for the markets.
The S&P 500 (^GSPC) jumped 0.5%, while the Dow Jones Industrial Average (^DJI) rose 0.6%. The tech-heavy Nasdaq (^IXIC) jumped but quickly erased early session gains.
Tesla (TSLA) stock dropped after the electric vehicle giant said it delivered 495,570 vehicles in the fourth quarter of last year, making 2024 the first year of a decline in annual deliveries since 2011, according to Bloomberg data.
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Tesla delivers over 495,000 vehicles in fourth quarter, stock drops
Tesla (TSLA) stock dropped 3% in premarket trading after the electric vehicle giant said it delivered 495,570 vehicles in the fourth quarter of 2024, bringing total deliveries to roughly 1.79 million for the whole year.
Wall Street analysts expected the automaker to deliver roughly 512,300 EVs for the last three months of the year, or about 1.8 million vehicles,
In the fourth quarter, Tesla said it produced approximately 459,000 vehicles.
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Tesla stock rises premarket ahead of deliveries release
Tesla (TSLA) stock rose more than 1% premarket as investors prepared for the Elon Musk-led electric vehicle maker to release its fourth quarter deliveries Thursday.
Wall Street analysts expect the company to report deliveries of roughly 512,300 EVs for the period, bringing its annual deliveries for the 2024 fiscal year to 1.8 million EVs, according to Bloomberg consensus estimates.
If the average analyst forecast holds true, that would mean Tesla’s annual EV deliveries fell 0.3% from the prior year — making 2024 the first year since 2011 that Tesla EV sales failed to grow, according to Bloomberg data.
Tesla shares fell more than 3% on the last day of 2024 as megacap tech stocks lagged, but the EV company’s stock was still up more than 60% for the year.
Tesla had warned in 2023 that production growth would be “notably lower” in the year ahead, as Pras Subrmanian noted in his roundup of Tesla’s biggest news in 2024 (you can read that story here).
Separately, Tesla made headlines after a Cybertruck exploded outside of a Trump hotel in Las Vegas, prompting an investigation of a potential terrorist attack.
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