U.S. Stocks Extending Recent Pullback But Still Poised For Strong Yearly Gains

Add as your preferred news source on Google Add Now Stocks have moved mostly lower during trading on Wednesday, extending the pullback seen over the past few sessions. The major averages have all moved to the downside on the day, although selling pressure has remained somewhat subdued.In recent trading, the major averages have fallen to new lows for the session. The Dow is down 171.21 points or 0.4 percent at 48,195.85, the Nasdaq is down 82.80 points or 0.4 percent at 23,336.28 and the S&P 500 is down 24.39 points or 0.4 percent at 6,871.85.The weakness that has emerged on Wall Street comes as some traders continue to cash in on the recent strength in the markets.While the major averages are moving lower for the fourth straight session, the pullback comes after the Dow and S&P 500 ended last Wednesday's trading at record closing highs.Despite giving back ground over the past few days, the major averages remain poised to post strong gains for the full year.The tech-heavy Nasdaq headed into the final trading day of the year up by 21 percent for 2025, while the S&P 500 was up by 17 percent and the Dow was up by 13 percent.Stocks showed a quick recovery after plummeting in reaction to President Donald Trump's "Liberation Day" tariffs in early April and have seen further upside since then due in large part to strength among big-name tech companies.On the U.S. economic front, the Labor Department released a report showing first-time claims for U.S. unemployment benefits unexpectedly dipped in the week ended December 27th.The report said initial jobless claims fell to 199,000, a decrease of 16,000 from the previous week's revised level of 215,000.Economists had expected jobless claims to rise to 220,000 from the 214,000 originally reported for the previous week.Sector NewsBiotechnology stocks are turning in some of the market's worst performances on the day, dragging the NYSE Arca Biotechnology Index down by 1.8 percent.Notable weakness is also visible among natural gas stocks, as reflected by the 1.0 percent loss being posted by the NYSE Arca Natural Gas Index.Commercial real estate, oil producer and steel stocks are also seeing some weakness on the day, while most of the other major sectors are showing more modest moves to the downside.Other MarketsIn overseas trading, stock markets across the Asia-Pacific turned in a mixed performance on Wednesday, with several markets closed for New Year's Eve. China's Shanghai Composite Index inched up by 0.1 percent, while Hong Kong's Hang Seng Index slid by 0.9 percent.Meanwhile, European stocks moved modestly lower on the day. While the German markets were closed on the day, the U.K.'s FTSE 100 Index edged down by 0.1 percent and the French CAC 40 Index slipped by 0.2 percent.In the bond market, treasuries have climbed back near the unchanged line after seeing early weakness. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by less than a basis point at 4.136 percent. For comments and feedback contact: editorial@rttnews.comBusiness News