Stock market today: Indexes slip after the best day for stocks since November

US stock indexes were slightly lower on Thursday after posting strong gains on Wednesday.

The Dow Jones Industrial Average slid around 75 points, while the benchmark S&P 500 and the Nasdaq Composite gave up early gains to edge lower shortly before 10:00 a.m. ET.

Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:

The mixed performance comes after the indexes posted sharp gains on Wednesday, with the Dow up over 700 points to mark the
best trading day
since a euphoric post-election rally in November.

Stocks

benefited from encouraging

inflation data

and strong earnings beats from

big financial firms

including Goldman Sachs, JPMorgan,

and BlackRock.

Results from Bank of America and Morgan Stanley rounded out strong big bank results before Thursday’s opening bell, both reporting that profits more than doubled last quarter.

Meanwhile, fresh data showed retail sales climbed 0.4% in December, coming in slightly below consensus forecasts of a 0.5% increase.

In Europe, indexes traded higher as luxury stocks finally got some relief, posting strong gains after Cartier’s owner Richemont announced a quarterly sales record.
Luxury stocks
had largely struggled in 2024 amid weak consumer demand in China, with companies like Kering posting a 40% decline.

Here’s what else is happening:

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