Stocks are edging lower in the early going on Wall Street as U.S. markets reopen for trading after the Christmas holiday.
The S&P 500 fell 0.2% in the first few minutes of trading Thursday. The Dow Jones Industrial Average fell 0.3%, and the Nasdaq composite slipped 0.2%.
The Labor Department reported that U.S. applications for unemployment benefits held steady last week, though continuing claims rose to the highest level in three years. Treasury yields rose. U.S. markets have historically gotten a boost at year’s end despite lower trading volumes. The last five trading days of each year, plus the first two in the new year, have brought an average gain of 1.3% since 1950.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
U.S. markets are broadly lower before the opening bell in what's expected to be thin holiday trading.
Futures for the S&P 500 and the Dow Jones Industrial Average slipped 0.4% in the early hours Thursday. Markets were closed Wednesday for the Christmas holiday.
The government's weekly update on U.S. unemployment benefit applications will get some attention.
While it did little to boost Netflix's stock, the streaming giant was the talk of Christmas with its broadcast of back-to-back NFL matchups on Christmas, highlighted by Beyoncé's nearly 13-minute performance at halftime of the Houston Texans 31-2 loss to the Baltimore Ravens.
Unlike some of its other recent live events, Netflix's broadcast went off glitch-free, becoming the second-most popular live title ever for streaming service, according to NFL Media.
U.S. markets have historically gotten a boost at year's end, despite usually lower trading volumes. The last five trading days of each year, plus the first two in the new year, have brought an average gain of 1.3% since 1950.
So far this month, the U.S. stock market has lost some of its gains since President-elect Donald Trump’s win on Election Day, which raised hopes for faster economic growth and more lax regulations that would boost corporate profits. Worries have risen that Trump’s preference for tariffs and other policies could lead to higher inflation, a bigger U.S. government debt and difficulties for global trade.
Even so, the U.S. market remains on pace to deliver strong returns for 2024. The benchmark S&P 500 is up 26.6% so far this year and remains within roughly 1% of the all-time high it set earlier this month — its latest of 57 record highs this year.
Japan's Nikkei 225 index surged 1.1% to 39,568.06, on strong gains in retailers and tourism-related stocks after Japan agreed to ease visa conditions for Chinese tourists.
Isetan Mitsukoshi Holdings, a major department store group, gained 7.7%. J. Front Retailing Co., owner of the Matsuzakaya and Daimaru department store groups, jumped 8.3%. Automakers also saw large gains.
China and Japan also agreed Wednesday to conduct talks on contentious security issues and other sources of friction during a visit by Japanese Foreign Minister Takeshi Iwaya to Beijing, where he met with Chinese Premier Li Qiang and Foreign Minister Wang Yi.
South Korea's Kospi slipped 0.4% to 2,429.67, while the Taiex in Taiwan gained 0.1%.
The Shanghai Composite index edged 0.1% higher, to 3,398.08.
Thailand's SET fell 0.1%.
Major European markets are closed Thursday, as well as Hong Kong, Australia, New Zealand and Indonesia.
U.S. benchmark crude oil rose 40 cents to $70.50 per barrel. Brent crude, the international standard, picked up 36 cents to $73.53 per barrel.
The dollar rose to 157.65 Japanese yen from 157.19 yen. The euro fell to $1.0398 from $1.0410.
Associated Press, The Associated Press
