U.S. stocks ended lower on Thursday, extending the late-2024 slump into the first trading day of 2025.
Despite early gains that saw the Dow Jones Industrial Average rise over 300 points, the Dow fell by 151.95 points, or 0.36 percent, to 42,392.27, logging a 700-point intraday swing from high to low. The S and P 500 sank 13.08 points, or 0.22 percent, to 5,868.55. The Nasdaq Composite Index shed 30.00 points, or 0.16 percent, to 19,280.79.
Seven of the 11 primary S and P 500 sectors ended in red, with consumer discretionary and materials leading the laggards by dropping 1.27 percent and 1.14 percent, respectively. Meanwhile, energy and utilities led the gainers by going up 1.04 percent and 0.73 percent, respectively.
Technology stocks weighed heavily on the market. Apple dropped 2.62 percent, while Tesla fell 6.08 percent after reporting an annual decline in deliveries for 2024.
Adding to Tesla's challenges, a Cybertruck loaded with fireworks mortars and fuel canisters exploded in Las Vegas on Wednesday, resulting in one fatality.
On the other hand, chipmaker Nvidia provided a bright spot, rising almost 3 percent and tempering the broader sell-off in Big Tech.
U.S. bond yields added to the market's turbulence. The benchmark 10-year Treasury yield briefly topped 4.6 percent before retreating to 4.559 percent as of 16:15 EST.
The dollar index, which measures the greenback against six major peers, gained 0.84 percent to 109.394 at 15:00 (2000 GMT).
In late New York trading, the euro dropped to 1.0251 U.S. dollars from 1.0358 dollars in the previous session, and the British pound decreased to 1.2369 dollars from 1.2516 dollars in the previous session.
In terms of crude oil futures, overseas investors remain upbeat about the prospect of more proactive macroeconomic policies from the Chinese government this year, expecting that oil consumption demand will grow accordingly.
Oil prices climbed on Thursday.
The West Texas Intermediate for February delivery gained 1.41 U.S. dollars, or 1.97 percent, to settle at 73.13 dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery increased 1.29 dollars, or 1.73 percent, to settle at 75.93 dollars a barrel on the London ICE Futures Exchange.
As for precious metals, factors such as geopolitical risks and global trade uncertainties pushed international gold prices up by more than 1 percent on Thursday.
U.S. stocks close lower, dashing rebound hopes
The Iranian government is focusing on public concerns and maintaining stable supplies of essential goods amid recent protests, Iranian President Masoud Pezeshkian said in a televised interview on Sunday.
In the city of Karaj, northwest of the capital Tehran, daily life has largely continued as normal. A video filmed by a local resident on Sunday shows food stores open and grocery shelves fully stocked.
"This is the block near my home, and there are some food stores here. Daily life continues here. Last night we did not see many protests in Karaj. Right now the city is very safe. This is a grocery store close to my home. All the food is available; nothing is in shortage. Here are noodles and different types of beans. Here are dairy products, cheese, and yogurt. I also checked other grocery stores and didn't see any shortages. Everything is available," said local resident Ali Reza.
Iranian officials have described recent disturbances as acts orchestrated by the "enemy," including some carried out by well-trained and armed "terrorists." The incidents have caused casualties among security personnel and civilians, as well as property damage.
The Secretary of Iran's Supreme National Security Council Ali Larijani has directed authorities to severely punish the "terrorists."
Meanwhile, Iran's police chief Ahmad-Reza Radan said on Sunday that the police had raised alert levels and arrested several leaders of the troublemakers during the operations on Saturday.
President Pezeshkian noted in the interview that the normal demands of the Iranian people are reasonable and justified, but they must realize that triggering riots and carrying out terrorist acts are the enemy's attempts to undermine the country. He urged the public to remain vigilant.
Also on Sunday, Iranian Parliament Speaker Mohammad Baqer Qalibaf warned that Tehran would regard U.S. and Israeli bases and facilities in the Middle East as "legitimate targets" if Washington takes military action against Iran. His remarks followed media reports saying U.S. President Donald Trump is "seriously considering authorizing a strike" against Iran.
Iranian state media reported that at least 109 members of Iran's security forces have been killed in clashes since the protests began 14 days ago. Meanwhile, human rights groups based outside the country said the number of protesters killed has exceeded 200, though the figure could not be independently verified.
The protests initially erupted over a sharp depreciation of the rial and sweeping subsidy reforms. Iranian authorities have blamed the unrest on foreign-linked agents and sanctions imposed by the United States.
Iranian president says government focusing on ensuring supplies amid protests
