Dow Jones Industrial Average: +0.39% or +135.67 points to 35,164.32
Stocks fell lower on Thursday, giving up early session gain, as investors continue to sell shares amid rising Treasury yields at the start of the year. The Nasdaq declined by 1.3%, nearly reversing its 2.1% gain from earlier in the day, while the S&P 500 closed below 4,500 for the first time since October and the Dow Jones Industrial Average closed below its 200-day moving average.
The 2-year Treasury yield climbed to 1.04% on Thursday, while the benchmark 10-year note reached a high of 1.87%.
Here's how the market settled on Thursday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Peloton to halt production of connected fitness products:
Peloton Interactive
According to internal documents viewed by CNBC, Peloton plans to pause Bike production for two months, from Feb. to March, and won't manufacture its Tread treadmill machine for six weeks, starting next month.
U.S. home sales declined last month:
U.S. home sales fell last month to end the year on a sour note, but annual sales reached their highest level since 2006 as heightened demand persisted throughout 2021.
Sales of existing homes declined 4.6% month-over-month in December to a seasonally adjusted total of 6.18 million units, according to the National Association of Realtors (NAR) latest report published Thursday. November's print was downwardly revised to 6.46 million units.
On a yearly basis, sales of existing homes were down 7.1% compared to December 2020 at 6.43 million units.
"December saw sales retreat, but the pull back was more a sign of supply constraints than an indication of a weakened demand for housing," said Lawrence Yun, NAR's chief economist, in a press statement. "Some people want to hurry and buy, others want to wait to buy. Rising rates will cut into home sales."
Jobless claims unexpectedly climb last week:
Initial unemployment claims unexpectedly increased last week as the affects of the Omicron COVID infection wave begin to impact the labor market.
First-time jobless claims rose to 286,000 for the week ended Jan. 15, according to the Labor Department's latest report published Thursday, exceeding the 225,000 expected by consensus economists and above the previous week's revised total of 231,000. In December, the print had reached a 52 year low of 188,000.
Meanwhile, continuing jobless claims also increased for the week ended Jan. 8, climbing to 1.635 million, above the 1.563 million expected and the prior week's revised total of 1.551 million.
Here's how market benchmarks started trading soon after open:
S&P 500 Index: +0.32% or +14.59 points to 4,547.35
