The major U.S. averages may have had too much Christmas turkey, ending the first post-holiday session in the red across the board on Tuesday.
The Nasdaq was the day's biggest loser, falling 23.71 points (0.34%) to 6,936.25. The Dow industrials likewise lost 7.85 points (0.03%) to finish at 24,746.21, while the S&P 500 dropped 2.84 points (0.11%)to 2,680.50.
U.S. Retailers See 5% Increase in Holiday Sales
Americans flocked to retailers during the holiday sales season in 2017, increasing holiday retail sales 4.9% year over year, according to a sales report released by Mastercard SpendingPulse.
Online retail had an ever sharper increase, rising more than 18% year over year.
"Overall, this year was a big win for retail. The strong U.S. economy was a contributing factor, but we also have to recognize that retailers who tried new strategies to engage holiday shoppers were the beneficiaries of this sales increase," the report said.
Fiat Chrysler Recalls 1.8 Million Ram Trucks
Fiat Chrysler (FCAU) announced a recall of 1.8 million Dodge Ram trucks due to a gear shift issue that could cause the vehicles to move even if the key is not in the ignition.
Models affected by the recall include some 2010 through 2017 Ram 2500 and 3500 pickups; some 2011 through 2017 Ram 3500, 4500, and 5500 models; 2016 and 2017 Ram 3500 models that weigh less than 10,000 pounds; and some 2009 through 2017 Ram 1500 pickups.
2017 year model trucks built after December December 31, 2016, were not included in the recall.
Uber Sells Struggling Auto Leasing Unit
Uber Technologies agreed to sell Xchange Leasing, its subprime auto-leasing business, to Fair.com, sources told the Wall Street Journal. Uber reportedly has been seeking a buyer for the unit since the summer after it learned that the business was losing about $9,000 per care, 18 times more than it expected.
Uber announced in September that it would begin winding down the business, affected about 500 jobs in the process, while looking for a buyer.
China and India's Economies to Make Big Gains in the Next 15 Years
A report by the Centre for Economics and Business Research in London says that China will become the world's largest economy by 2032. India is expected to leapfrog the U.K. and France next year to become the world's fifth-largest economy. India is expected to move ahead of Germany and reach third place by 2027.
By 2032, three of the world's four largest economies are expected to be Asian -- China, India and Japan. Italy and Canada are expected to fall out of the top-ten by 2032.
Apple Suppliers Fall on Demand Concerns
Action Alerts PLUS holding Apple Inc. (AAPL) was falling 2.5% premarket following a report from Taiwan's Economic Daily suggesting that iPhone X demand could be softer than expected in the first quarter. The newspaper predicted that Apple will cut its iPhone X sales forecast to 30 million units in the quarter, down from 50 million. Apple has not publicly disclosed its internal sales targets for the device.
U.S. futures contracts indicate that investors are still lukewarm on the market following the long Christmas weekend.
Nasdaq futures were experiencing the worst declines -- falling 0.42% about 30 minutes ahead of the market open. Dow and S&P 500 futures were down 0.15% and 0.01%, respectively, after markets fell slightly in the Friday session.
Overseas, the Shanghai Composite and Hang Seng both had strong trading sessions, rising 0.78% and 0.72%, respectively. The Nikkei in Japan fell 0.2%.
In Europe, markets were closed for the holidays.
Bitcoin continued its wild ride Tuesday, rising nearly 10% to $15,267.03 before U.S. stock markets opened for trading. Over the last 24 hours, the digital currency reached a low near $13,500 per unit. On Friday, the world's most popular cryptocurrency lost nearly 30% of its value, falling as low as $11,159 after reaching an all-time high of $19,666 last week.