DJIA Inches Higher, But S&P 500 and Nasdaq Fall Slightly in Post-Christmas Session | Wall Street Today

Jerry Kronenberg joined discussion · Dec 27, 2024 06:03

DJIA Inches Higher, But S&P 500 and Nasdaq Fall Slightly in Post-Christmas Session | Wall Street Today

The $Dow Jones Industrial Average (.DJI.US)$ rose slightly Thursday following the Christmas Day holiday, but the $S&P 500 Index (.SPX.US)$ and $Nasdaq Composite Index (.IXIC.US)$ ended slightly lower in a session that saw low trading volume and few market catalysts.

The DJIA gained 28.77 points (0.07%) to a 43,325.8 close, but the S&P 500 and Nasdaq Comp gave up small gains in the session's final moments to turn negative.

The Nasdaq ended 10.77 ticks lower (0.05%) at 20,020.36, while the S&P 500 shed 2.45 points (0.04%) to a 6,037.59 finish.

Wall Street had a quiet session that followed Christmas Day, when saw the market remain closed for the holiday. Trading also shut down three hours early on Tuesday for Christmas Eve.

MACRO

As for Thursday's session, the market received little significant news other than U.S. weekly initial jobless claims, which fell by 1,000 for the week ended Dec. 21 to a seasonally adjusted 219,000. That was lower than the 224,000 that economists had reportedly expected.

However, continuing claims gained 46,000 to a seasonally adjusted 1.91 million for the week ended Dec. 14, hitting their highest level since November 2021. Experts had reportedly only forecast 1.88 million such claims.

MOOVERS

Sectors and individual stocks making significant moves included eVTOL companies, which are developing electric vertical-takeoff-and-landing vehicles for the "flying-car" and "air-taxi" industries.

The sector rallied for a second session Thursday after $Vertical Aerospace (EVTL.US)$ announced Monday after the close that it had secured a $180 million financing deal from one of its Mudrick Capital Management, one of its existing investors.

Multiple eVTOL stocks rose Tuesday on the news and extended their rally into a second session Thursday. Big gainers included:

-- $Surf Air Mobility (SRFM.US)$, which soared 56.1% to $5.48

-- $Vertical Aerospace (EVTL.US)$, which gained 30.9% to $11.73

-- $Joby Aviation (JOBY.US)$, which added 10.9% to $91.6

-- $Archer Aviation (ACHR.US)$, which gained 4.9% to $11.33

Meanwhile, select artificial-intelligence stocks saw large gains, extending enthusiasm that investors have shown for the sector for much of 2024. Thursday's winners in the sector included:

-- $Palladyne AI (PDYN.US)$, which rocketed 47.8% higher to $7.29

-- $Gaxos.ai (GXAI.US)$, which added 40.4% to $3.58

-- $Rezolve AI (RZLV.US)$, which rallied 29.8% to $4.62

-- $SoundHound AI (SOUN.US)$, which gained 19.7% to $24.23

-- $Spectral AI (MDAI.US)$, +19.7% to $9.16

-- $BigBear.ai Holdings (BBAI.US)$, up 19.3% to $4.45

-- $Xiao-I (AIXI.US)$, which improved by 18.9% to $6.24

-- $Mynd AI (MYND.US)$, rising 15.9% to $2.33

Elsewhere in the market, so-called "Trump" stocks $Rumble (RUM.US)$ and $Phunware (PHUN.US)$ rallied during Thursday's session.

Trump-linked video-production company RUM added 28.3% to a $16.27 close, extending a rally that began earlier this week on word that the company is receiving a $775 million investment deal with $Tether (USDT.CC)$.

Separately, conservative-friendly mobile-web firm PHUN gained 27.9% to a $5.50 close Thursday after its CEO outlined ambitious global-expansion plans.

Other big gainers Thursday among stocks with $1 billion or higher market capitalization included:

-- $Rigetti Computing (RGTI.US)$, which rose 36% to $15.44 after rallying earlier in the week on some positive product announcements. RGTI has gained more than 1,475% since trading for less than $1 intraday as recently as Oct. 18.

-- $TheRealReal (REAL.US)$, which added 17.8% to $10.99 in a rally that saw its latest leg following positive Wall Street Journal coverage of the firm on Dec. 19. REAL, which operates an online platform for reselling high-end clothes and accessories, has gained 24.6% since the WSJ article and some 620% since hitting a $1.52 intraday bottom in February.

On the other side of the coin, markets saw few if any signficant percentage decliners Thursday among stocks with $1 billion or more in market capitalization.

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