U.S. stocks got off to a rocky start to 2025 on Thursday as the S&P 500 and Nasdaq Composite declined for a fifth straight day. For both, it was the longest losing streak since April, according to Dow Jones Market Data.

The Santa Claus trading window ends Friday, and a negative return during the seven-day trading window could be a bad sign for 2025, a strategist said.

Indexes failed to hold onto early gains, with investors extending their losing streak to five days. Hope is fading for a Santa Claus rally to take shape.

U.S. stocks were up in midday trading Friday, with the S&P 500 attempting to snap a five-day losing streak. The S&P 500 was up 59 points, or a sharp 1%, at almost 5,928. The Dow Jones Industrial Average was gaining 240 points, or 0.6%, to trade at nearly 42,633.

Indexes rose Thursday to kick off the New Year after four straight days of losses. Tesla stock dropped more than 8% publishing delivery figures.