The Dow Jones Industrial Average closed at 22,686.22 on Thursday with a loss of 660.02 points or -2.83%. The S&P 500 closed at 2,447.89 for a loss of 62.14 points or -2.48%. The Nasdaq Composite closed at 6,463.50 for a loss of 202.43 points or -3.04%. The VIX Volatility Index was higher at 25.26 for a gain of 2.04 points or 8.79%.
Thursday’s market movers
U.S. market indexes closed lower Thursday with technology stocks leading the day’s losses. Apple (AAPL, Financial) was a top detractor, down 9.74% for the day after the company reported lower sales expectations partially from a potential economic slowdown in China.
The government shutdown continued to extend further. President Trump’s Congressional meeting yesterday was reportedly of little help to budget negotiations as Democrats remain opposed to funding for border wall security. On Thursday, Democrat Nancy Pelosi was elected speaker of the House of Representatives, which has also been delaying budget talks.
In the S&P 500, technology, industrials and materials all led losses. Treasury yields were also lower on Thursday.
Economic reports affecting market trading included the following:
- The Mortgage Bankers Association’s Mortgage Applications Index decreased 8.5%.
- Freddie Mac’s weekly mortgage market survey showed mortgage rates decreasing. The 30-year fixed-rate mortgage averaged 4.51%, down from 4.55%. The 15-year fixed-rate mortgage averaged 3.99%, down from 4.01%.
- The December ADP Employment Report showed private sector payrolls increasing by 271,000.
- Jobless claims increased to 231,000 from 221,000.
- The ISM Manufacturing PMI decreased to 54.1 in December from 59.3.
- Vehicle sales for December were reported with preliminary seasonally adjusted annual sales of 17.49 million, increasing from 17.2 million.
- The Treasury held an auction for four-week bills at a rate of 2.39%.
In the Dow Jones Industrial Average, the following stocks led losses:
- Apple (AAPL, Financial) -9.74%
- Intel (INTC, Financial) -5.2%
- United Technologies (UTX, Financial) -4.31%
Small-cap stocks
In small caps, the Russell 2000 closed at 1,333.35 for a loss of 22.56 points or -1.66%. The S&P 600 closed at 833.53 for a loss of 14.80 points or -1.74%. The Dow Jones Small-Cap Growth TSM Index closed at 8,256.69 for a loss of 171.21 points or -2.03%. The Dow Jones Small-Cap Value TSM Index closed at 8,549.48 for a loss of 42.93 points or -0.50%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,633.11 for a loss of 24.82 points or -1.50%; the S&P 100 at 1,089.46 for a loss of 28.68 points or -2.56%; the Russell 3000 at 1,441.06 for a loss of 32.60 points or -2.21%; the Russell 1000 at 1,353.95 for a loss of 31.28 points or -2.26%; the Wilshire 5000 at 25,216.73 for a loss of 578.00 points or -2.24%; and the Dow Jones U.S. Select Dividend Index at 630.91 for a loss of 6.51 points or -1.02%.
