Stock indexes fell on Thursday in their first post-Christmas session, trimming some gains from the so-called Santa rally earlier in the week.
The Dow Jones Industrial Average shed around 130 points to open 0.3% lower. The S&P 500 and the Nasdaq also fell, down 0.3% and 0.2% respectively.
The dovish market opening followed back-to-back gains in the week leading up to the final on Christmas Eve. Markets were closed on Christmas Day.
Traders have hoped for a so-called Santa Claus rally, which kicked off on Tuesday and stretches from the last five trading days of the year into the first two of January.
Indexes have historically fared well during this time, and if that proves true this year, it could put the market on course for another year of strong gains, analysts say.
“History says, but does not guarantee, that if the market starts off on the right foot, it rarely stumbles throughout the year,” said Sam Stovall, lead investment strategist at CFRA Research.
At the same time, initial jobless claims came in lower than expected, at 219,000 last week, compared with a consensus of 225,000. However, continuing claims rose to 1. 91 million, reaching their highest point in more than three years.
Here’s where the US indices were a little while after the opening bell at 9:30 a. m. Thursday:
Here’s what else is happening: