US stocks wavered in a quiet post-holiday session, with mixed jobless claims data failing to alter bets on the Federal Reserve’s outlook. The S&P 500 hovered near 6,037, while the Nasdaq 100 slid 0.1%. Initial jobless claims ticked down to 219,000 for the week ended Dec. 21.
Recurring applications for US unemployment benefits rose to a three-year high, adding to signs that it’s taking longer for out-of-work individuals to find employment. Despite this, most megacaps fell, with Apple Inc. being an exception after a bullish note from Wedbush.
Market analysts expect volatility to re-emerge in January as the S&P 500 potentially hits new highs above 6,100. However, they caution that divergences in breadth and momentum could lead to red flags.
In corporate news, Alibaba Group Holding Ltd. agreed to merge its South Korean operations with E-Mart Inc.’s e-commerce platform to compete in the country’s fast-paced online retail sector. Progressive Corp. was upgraded to outperform from market perform at Raymond James, citing the company’s long-term record of growth and value creation.
Key events this week include Japan’s Tokyo CPI, unemployment, industrial production, retail sales, and US goods trade on Friday.
Source: https://finance.yahoo.com/news/asian-stocks-set-muted-open-235701115.html