U.S. stocks open mixed; Nasdaq falls for fifth straight day
U.S. stocks were mixed in early deals Thursday, with the Nasdaq Composite falling for its fifth straight day.
The Dow Jones Industrial Average rose 0.2% in early deals while the S&P 500 inched marginally higher. The Nasdaq, meanwhile, fell 0.3%.
In other news, U.K. Prime Minister Rishi Sunak said Thursday his “working assumption” is that a general election will be held in the second half of 2024, the BBC reported.
Shipping giant Maersk continued its run as one of the top performing stocks of the new year, climbing 3.3%. That was despite JPMorgan downgrading its rating on the stock to “neutral” from “overweight” as analysts said higher spot freight rates due to volatility in the Red Sea would only provide a “one-off boost,” according to Reuters. It raised its 2024 results estimates but held its 2025 forecast.
British clothing retailer Next climbed 4.8% to a record high in early trade, after hiking its profit forecast for the year ending January 2024 the fifth time.
A private survey showed services activity continued to grow in China in December, with foreign demand for the country’s services also rising.
Stocks soared in 2023, as investors have been buoyed by the narrative of an end to rate hikes in 2024. Tech stocks led the charge as trends such as artificial intelligence boomed.
Building the technology that powers driverless cars is proving to be incredibly difficult for car markers. Most recently, Cruise, GM’s robotaxi service, was shut down in San Francisco over safety issues. Given such a backdrop, Deutsche Bank has named one stock as a “rare secular growth story” in the sector because the company’s technology can find buyers among any global automaker seeking to add self-driving capabilities.
European markets are set to open in mixed territory Thursday. The U.K.’s FTSE 100 index is expected to open 7 points higher at 7,684, Germany’s DAX down 3 points at 16,518, France’s CAC down 1 point at 7,404 and Italy’s FTSE MIB down 7 points at 30,191, according to data from IG. French inflation data for December will be released on Thursday.