US stocks closed lower with Tesla and Apple weighing on the indices. Gold and oil stocks rallied as precious metal and crude oil prices surged. Asia-Pacific saw mixed results, while Europe gained.
The Dow fell 151.95 points or 0.4% to 42,392.27, the Nasdaq dipped 30.00 points or 0.2% to 19,280.79 and the S&P 500 slipped 13.08 points or 0.2% to 5,868.55.Labor Department report showing an unexpected decline by weekly jobless claims seemingly provides support for the Federal Reserve's measured approach to lowering interest rates. The report said initial jobless claims slipped to 211,000 in the week ended December 28th, a decrease of 9,000 from the previous week's revised level of 220,000.
The modestly lower close by the broader markets came amid a slump by shares of Tesla (TSLA), with the electric vehicle maker plunging by 6.1% after reporting a decrease by annual deliveries in 2024.
Tech giant Apple (AAPL) also tumbled by 2.6% following news the company is offering discounts on its latest iPhone models in China amid heightened competition.
Despite the modestly lower close by the broader markets, gold stocks moved sharply higher by 4.4% by the NYSE Arca Gold Bugs Index. The rally by gold stocks came amid a jump by the price of the precious metal. Crude oil price too surged contributing significant strength among oil producer stocks, as reflected by the 1.3% gain posted by the NYSE Arca Oil Index. Natural gas and brokerage stocks also saw considerable strength, while housing, airline and commercial real estate stocks showed notable moves to the downside.
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Asia-Pacific stocks turned in a mixed performance. China's Shanghai Composite Index and Hong Kong's Hang Seng Index tumbled by 2.7% and 2.2% while Australia's S&P/ASX 200 Index climbed by 0.5%. The major European markets all moved to the upside on the day. While the U.K.'s FTSE 100 Index jumped by 1.1%, the German DAX Index advanced by 0.6% and the French CAC 40 Index rose by 0.2%.
In the bond market, treasuries pulled back near the unchanged line after seeing early strength. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by less than a basis point to 4.57% after hitting a low of 4.51%.
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