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The S&P 500 dipped Thursday as banking sector strength was overshadowed by a tech slump led by Apple. At market close, the Dow fell 0.2%, the S&P 500 dropped 0.2%, and the NASDAQ slid 0.9%.
Apple shares tumbled 4% after Canalys reported a 17% year-over-year drop in iPhone sales in China for 2024. The decline, attributed to competition from local brands like Vivo and Huawei, dampened broader tech sentiment despite falling Treasury yields. The 10-year yield dropped to 4.6%, reflecting easing fears of Federal Reserve rate hikes.
Retail sales data added to the cautious tone. December sales rose 0.4%, falling short of November's upwardly revised 0.8% and missing expectations. Unemployment claims also increased to 217,000, signaling potential economic softness.
Investors remained optimistic about Federal Reserve policies as inflation data hinted at potential rate cuts in early 2025. Core CPI figures eased slightly, complementing lower-than-expected producer price data earlier in the week. Markets now predict two rate cuts this year, half of initial projections.
Bank earnings were a bright spot. Morgan Stanley surged 4% on strong quarterly profits, while JPMorgan Chase reported record annual earnings. Goldman Sachs and Wells Fargo exceeded expectations, though Bank of America dipped 1% despite robust results.
Wall Street remains focused on economic indicators and corporate earnings as uncertainty persists in 2024.
