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What you need to know
- The S&P 500 slid less than 0.1% on Thursday, Dec. 26, 2024, as the market rally heading into Christmas lost steam on the first trading day after the holiday.
- Walgreens’ shares are on the rise, continuing their recent volatile streak since earlier reports that Walgreens was in buyout negotiations with a private equity company.
- Fair Isaac, a data analytics company, saw its shares fall. Recently, analysts suggested that price increases may have a negative impact on growth.
Major U.S. equities indexes were mixed in the first trading session since the Christmas holiday, with the S&P 500 finishing only modestly lower on the day.
Labor Department data showed initial unemployment claims were lower for the week that ended on Dec. 21 than the previous week. That could have an impact on the Federal Reserve when they decide whether to cut interest rates in 2025.
The S&P 500 fluctuated around the flatline for much of the day before closing with a loss of less than 0.1%. Dow Jones also closed the session with a minimal loss, while Nasdaq managed a modest gain.
Walgreens Boots Alliance (WBA) stock rose 5.3% to secure the S&P 500’s top daily performance. The pharmacy operator’s shares surged in early December after reports that buyout talks with a private-equity firm were underway. However, the shares have been volatile ever since.
Dollar Tree’s (DLTR) shares climbed 3.8%. Dollar Tree released its latest quarterly report at the start of this month. The company said that consumer spending was still under pressure in an uncertain economy. Michael Creedon, the company’s CEO, was announced as a permanent employee last week. Creedon is leading Dollar Tree through its turnaround strategy while navigating consumer headwinds.
Stocks of other retailers also rose. Target (TGT), a retailer, gained 3% after announcing price reductions and new promotions to maintain seasonal sales as we approach the end of the holiday shopping season. Target, in its most recent earnings report stated that comparable sales for the fourth quarter would remain flat compared to last year.
Shares of Fair Isaac Corp. (FICO), the data analytics firm known for its credit rating scores, sank 2%, the most of any S&P 500 stock. JPMorgan analyst’s began to cover Fair Isaac shares last week. “neutral” Rating, pointing out that price hikes could hamper the growth of the company.
Tesla shares (TSLA), which had been rising in the run-up to the Christmas Day holiday, fell by 1.8%. Analysts said while Tesla is expected to announce record vehicle deliveries in its fourth quarter, they believe investors will be focused more on the long-term opportunities for autonomous driving.
Super Micro Computer’s (SMCI), a provider of servers and data storage, saw its shares fall 1.7%. This was a reversal of some gains made on Christmas Eve. Supermicro’s shares were pressured by the removal of Supermicro from the Nasdaq 100 Index, which was announced last week. However, the Nasdaq Exchange granted the company an extension until the end of February to file its late annual report. This alleviated some fears about possible delisting.
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