Stocks decline as investors weigh strong labor market data, rising dollar, and Tesla's drop in deliveries.
Wall Street finished lower on Thursday after a volatile trading session as investors grappled with conflicting factors including strong labor market data, a rising dollar, and a decline in Tesla shares. All three major U.S. stock indexes ended in the red, reversing an earlier rally but off session lows. Peter Cardillo, chief market economist at Spartan Capital Securities, pointed to mixed macroeconomic news and a strong dollar as contributing factors.
He also highlighted upcoming economic data releases and the start of fourth-quarter earnings as potential market movers. Tesla shares tumbled 6.1% after reporting its first annual drop in deliveries, as incentives failed to offset a decline in demand for its electric vehicles. A separate report from the Labor Department showed a decrease in both initial and continuing unemployment claims, reinforcing the narrative of a robust jobs market and raising the possibility that the Federal Reserve could maintain its key interest rate at its upcoming policy meeting. Despite uncertainties surrounding the pace of interest rate cuts from the Federal Reserve, policies from the incoming Donald Trump administration, and geopolitical tensions, market participants focused on the strength of the U.S. economy. Wall Street's main indexes recorded double-digit gains in 2024, with the S&P 500 experiencing its best two-year run since 1997-1998. These gains were fueled by the Federal Reserve's first rate cuts in three and a half years, the artificial intelligence boom, and expectations of pro-business policies from the incoming Trump administration
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