STORY: U.S. stocks ended lower on Thursday as investors parsed the latest corporate earnings and economic data, and Big Tech stocks weighed on the Nasdaq.
The Dow and S&P 500 both dipped slightly, while the tech-heavy Nasdaq shed about nine-tenths of a percent.
Shares of Apple dropped a full 4% after data from research firm Canalys showed the iPhone maker was overtaken as China's biggest smartphone seller in 2024 by rivals Vivo and Huawei.
Other megacap stocks lost ground including Tesla, which fell more than 3% and Nvidia shed about 2%.
Meanwhile, retail sales data out Thursday showed consumer spending generally remained strong in December, but the increase was slightly lower than economists had expected.
That added to a mixed picture reflected in other recent economic data, said CBIZ Chief Investment Officer Anna Rathbun.
"Today - retail sales number - it was a little mixed, headline was down, but core was up. I don't think the market knows what to do with this. So there's a little bit of sideways trading and directionless movement today. And I think the investors are probably going to be waiting for more definitive data and potentially the inauguration next week because we'll start to have more clarity and economic policy on where we're going from here."
Stocks have struggled following a post-election rally, with the S&P 500 falling in four of the previous five weeks.
Despite Thursday's losses, equities are on pace for a weekly gain.
Among individual movers, shares of Morgan Stanley rose 4% after the bank said earnings increased in the fourth quarter propelled by a wave of dealmaking.
Bank of America reported higher quarterly profit, but shares closed down nearly 1%.
And shares of UnitedHealth slid 6% after the health insurer reported fourth-quarter revenue below estimates.