US stocks reverse big gains to end lower
US stocks were poised for a solid advance early in the morning, but the S&P 500 and Nasdaq 100 gave all that up and then some to finish 0.2% lower in the opening session of 2024. The Russell 2000 eked out a small gain.
The US dollar ripped higher and weighed on stocks, with the Dollar Spot Index popping 0.7%.
Energy was the best-performing S&P 500 sector ETF as crude oil bounded higher to start the year. Consumer discretionary, materials, and real estate posted the largest losses.
The Magnificent 7 was mixed, with Nvidia and Meta near the top of the S&P 500 leaderboard while Tesla was at the bottom after its Q4 sales figures missed expectations. The cohort, as a whole, hasn’t had a positive session since before Christmas, the longest such streak since April.
Pot stocks had a hot start to the year, headlined by Tilray.
