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Stock market today: S&P 500 closes lower as Apple leads slide in tech

Published Jan 15, 2025 07:27PM ET Updated Jan 16, 2025 04:15PM ET
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Investing.com -- The S&P 500 gave up gains to close lower Thursday as strong earnings from the banking sector was offset by Apple-led weakness in tech. 

At 4:00 p.m. ET (21:00 GMT), the {{169|Dow Jones Industrial Average} fell 68 points, 0.2%, the S&P 500 index fell 0.2%, and the NASDAQ Composite fell 0.9%. 

The main Wall Street indexes had recorded strong gains on Wednesday, helped by benign inflation data and strong bank earnings. Investors also welcomed a U.S.-brokered ceasefire deal between Israel and Hamas, which heralds cooling geopolitical tensions in the Middle East.

Apple (NASDAQ:AAPL) leads tech slide on report of soft China sales

Apple, down 4%, led a slide in tech after research firm Canalys reported that the iPhone sales fell in 2024 as the iPhone maker lost its top spot to local smartphone rivals including Vivi and Huawei technologies. 

Apple sold 42.9M smartphones in China in 2024, down 17% year-over-year, compared to 51.8 million in 2023, Canalys data showed.

The broader slide in tech came despite another dip in Treasury yields on easing fears of a no Fed rate cuts this year.

Federal Reserve governor Christopher Waller welcomed recent data showing slowing inflation, saying that if the trend continues, then it is "reasonable to think rate cuts could come in the first half of the year."

Treasury yields fell sharply, with the 1United States 10-Year yield down around 5 basis points to 4.6%. 

Retail sales disappoint

US retail sales increased at a slower-than-anticipated month-on-month rate in December, in the latest data point that could paint a picture of the state of the American economy heading into the new year.

Retail sales grew by 0.4% last month, decelerating from an upwardly revised pace of 0.8% in November, and below the 0.6% expected.

Elsewhere, the number of Americans filing for unemployment benefits ticked up by more than expected to 217,000 in the week ending on January 11, rising from an upwardly revised mark of 203,000 in the previous week.

This economic weakness has taken some of the gloss from the prior session's healthy gains after consumer prices showed inflation unexpectedly eased in December, albeit slightly. The core CPI in particular read slightly lower than expected, while the headline figure was in line with expectations. 

The data sparked some bets that cooling inflation will invite more interest rate cuts from the Federal Reserve, especially after the producer price index, released on Tuesday, read lower than expected.

Markets are still pricing in about two rate cuts this year, half of the four initially projected for the year. Higher-for-longer rates signal some pressure on risk-driven assets in the coming months.

Bank earnings continue 

The banking sector will remain in focus Thursday after more solid quarterly earnings.

Morgan Stanley (NYSE:MS) stock rose 4% after its profit increased in the fourth quarter, fueled by a wave of dealmaking for the investment bank.

Bank of America (NYSE:BAC) stock fell 1% even as the scond-largest US lender reported higher profit as its investment bankers capitalized on resurgence in dealmaking in the fourth quarter.  

These numbers followed buoyant returns from several of their peers on Wednesday.

JPMorgan Chase (NYSE:JPM) posted an all-time high annual profit underpinned by a fourth-quarter recovery in markets, while Goldman Sachs (NYSE:GS) logged its best-ever quarterly income, Wells Fargo's (NYSE:WFC) bottom-line figure topped estimates, and Citigroup (NYSE:C) swung to a profit. 

(Peter Nurse, Ambar Warrick contributed to this article.)

Stock market today: S&P 500 closes lower as Apple leads slide in tech
 

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Comments (18)
Mr Ponzi
Mr Ponzi Jan 16, 2025 5:20PM ET
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This entire ponzi is about to implode.
Peter Chau
Peter Chau Jan 16, 2025 4:53PM ET
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AI based Algorith of resistance and support is running the stock market. Retails are sacrificial GOATs . Hope market take care of retails or all will suffer includes manipulators
Alex Mostovoy
Alex Mostovoy Jan 16, 2025 4:25PM ET
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US stocks fall on good news and falling yields. LOL. What a farce.
JG Wentworth
JG Wentworth Jan 16, 2025 2:43PM ET
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How does a bank lose money or a gas station go out of business
Maria Kenny
Maria Kenny Jan 16, 2025 2:43PM ET
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gas stations have given wage increases but $ income from gas has dramatically dropped.
Buck Wood
Buck Wood Jan 16, 2025 2:43PM ET
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Poor management and lack of expense controls.
Mitchel Pioneer
Mitchel Pioneer Jan 16, 2025 2:28PM ET
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The 10AM and 2PM breakers fire with predictable precision, as the criminal manipulation continues in the US Ponzi Scheme.
Alex Lopez
Alex Lopez Jan 16, 2025 2:28PM ET
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permabear!!
Alex Mostovoy
Alex Mostovoy Jan 16, 2025 2:28PM ET
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Mitch, do you even look at graphs before posting the same statements?
Carrascal Eduardo
Edouard Jan 16, 2025 2:19PM ET
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To tell the truth, CPI yy has been slightly at a standstill since June. Why not call things by their name?
JaneJohn Doe
JaneJohn Doe Jan 16, 2025 11:29AM ET
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Banks benefit from interest hike brought to you by trump
Casador Del Oso
Casador Del Oso Jan 16, 2025 11:29AM ET
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And inflation brought to you by Biden, the worst president ever!
Alex Mostovoy
Alex Mostovoy Jan 16, 2025 11:29AM ET
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By Biden, you mean? Trump was not in the office over the last 4 years.
Tommy Rommazontz
Tommy Rommazontz Jan 16, 2025 11:29AM ET
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boo hoo hoo. Sniffin-Joe lost. Deal with it
Buck Wood
Buck Wood Jan 16, 2025 11:29AM ET
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Alex Mostovoy She/He is a far left staunch Democrat so it's always someone else's fault.
Stan Smith
Stan Smith Jan 16, 2025 11:28AM ET
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Why always bank earnings in focus..we all know they make a killing every quarter. How about some of the earnings of companies on the R 2000?
Shahzad Khan
Shahzad Khan Jan 16, 2025 11:09AM ET
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Wall street traders are a bunch of 7 years old and will never grow up.
Mike Jarvis
Mike Jarvis Jan 16, 2025 11:03AM ET
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Not stop economically cycle . Banks use are high interest rates to make money while paying us nothing for deposits, mass profits. Stores charge more for necessary items driving inflation up so most people have to charge it fuelling bank profits. We in turn cry for better wages to pay for over inflated items which in turns drive the cost of items up so share holders and management get their returns and bonuses. So the only thing happening is the rich getting richer, middle class almost nonexistent and the poor needing more government dependency just to survive. What a fine mess we live in.
 
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