US stocks open mildly lower, extend retreat from record highs

As we approach Christmas weekend, major US equity indices on Thursday opened mildly in negative territory for second consecutive session. A slew of US economic data, released on Thursday, provided little incentive for investors who seemed reluctant to carry big positions ahead of year-end holidays. 

Even a slew of US economic data provide little impetus as investors seemed reluctant to carry big positions ahead of the year-end holidays, which some analyst now referring it as an excuse for bulls to catch their breath following the post-US presidential strong up-move to all time highs. 

At the time of report, the Dow Jones Industrial Average was down almost 20-point to 19,925, while the broader S&P 500 Index trimmed around 6-point and dropped to 2,260. Meanwhile, tech-heavy Nasdaq Composite Index was down 15-points to 5,455.

Data released on Thursday showed US third-quarter GDP growth was revised up to 3.5% from 3.2%, while durable goods orders recorded the first decline in five month and came-in to show a sharp decline of 4.6% in November, albeit was marginally lower-than-anticipated contraction. Meanwhile, weekly jobless claims unexpectedly climbed by 21K and jumped to 275K, the highest level since mid-June.

With trading volumes expected to remain light, ahead of Christmas weekend, and 20,000 psychological milestone still elusive for Dow, traders might be inclined to unwind their positions as the market seems more likely to extend its consolidative phase and digest recent strong gains.