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Markets attempted to kick off the new year on the front foot as faith in techs reemerged.

NEW YORK (Reuters) -Global stocks fell on Thursday as early gains faded, continuing the year-end downdraft into the first trading day of the new year, while the dollar hit a two-year high after economic data indicated the U.S. labor market remained on solid ground. On Wall Street, U.S. stocks closed broadly lower after initial gains failed to hold, with the S&P 500 and Nasdaq notching their fifth straight daily decline, the longest skid since April. The U.S. Labor Department reported that the number of Americans filing new applications for unemployment benefits dropped to an eight-month low of 211,000 last week, below the 222,000 estimate of economists polled by Reuters.

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Crypto billionaires saw huge wealth gains in 2024 as the market rocketed to new heights.

All three major U.S. stocks ended the session in negative territory, a reversal of an earlier rally but off session lows. "We had some macro news but somewhat mixed and you know we have a very strong dollar today," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

Nvidia stock led the so-called “Magnificent 7” tech stocks higher to start the year after a group-wide selloff in the last days of 2025.

Tesla stock is sliding to start 2025 following a big fourth quarter delivery miss, and posting an overall down year for the EV-maker.