U.S. stock markets closed the week lower despite a rally in the energy sector. The S&P 500, Dow Jones Industrial Average, and Nasdaq all declined, ending a five-day losing streak.
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribebut still ended the week lower. The S&P 500 Energy sector bucked the trend, and is up more than 3% for the week. Europe's stock market s were mixed, with the FTSE 100 closing slightly higher.
Boeing announced a new CEO, Kelly Ortberg, who is tasked with boosting production and quality. Sales of foreign phone brands in China plunged 47.4% in November. Over half of the expected AI infrastructure spending will take place in the U.S., according to Microsoft. This week are minutes for the U.S. Federal Reserve's December meeting, out Wednesday, and December's jobs report, out Friday. While neither is likely to change the Fed's interest rate decision at its January meeting, they could provide more clarity on the central bank's moves in 2025. The Dow Jones Industrial Average advanced 1.77%. Still, losses from previous trading sessions — prior to Friday, the S&P and Nasdaq were on a five-day losing streak — were too heavy to bear. For the week, the S&P 500 declined 0.48%, the Dow lost 0.60% and the Nasdaq backtracked 0.51%. This means the so-called Santa Claus Rally, a phenomenon in which stocks climb during the last five trading days of the year and the first two of the next, didn't descend on markets this year.That said, putting too much faith in such signals may be the adult equivalent of believing that it's really Santa putting a PlayStation under the tree because we were nice children
STOCK MARKET ENERGY SECTOR BOEING AI INFRASTRUCTURE FEDERAL RESERVE
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