Bonds & Stocks
US stocks powered higher on the back of optimism over the technology giants, signaling that Wall Street is set to rebound from the four-day slump that marked the end of 2024. The tech-heavy Nasdaq 100 gained 0.4% as the S&P 500 climbed 0.4%. While stocks for most members of the Magnificent Seven gained, shares of Tesla Inc. slumped 5.2% after reporting fourth-quarter deliveries that missed estimates.
Economy
Initial applications for US unemployment capped 2024 at an eight-month low, reflecting the relatively muted levels of job cuts in a labor market that has remained surprisingly resilient. New claims fell by 9,000 to 211,000 in the week ended Dec. 28, lower than all but one estimate in a Bloomberg survey.
World
Chinese stocks posted their worst start to a year in nearly a decade as investors braced for economic uncertainties with weaker-than-expected manufacturing data and an anticipated hike in tariffs. The CSI 300 Index closed down 2.9% on Thursday, its steepest drop on a year’s first day of trading since 2016. The Hang Seng China Enterprises Index slid as much as 3.1%.