Thu, January 4, 2024 at 4:13 PM EST - The stock market's slide to kick off 2024 continued on Thursday, as US stocks struggled to recover from a sluggish start to the year. The Dow Jones Industrial Average ( ^DJI ) closed just above the flatline, while the benchmark S&P 500 ( ^GSPC ) fell about 0.3%. The Nasdaq Composite ( ^IXIC ) initially made gains but slipped nearly 0.6% at the close.

Investors were seeking confirmation on a potential rate cut in March, but were met with uncertainty in the minutes released by the Federal Reserve on Wednesday. While officials acknowledged the possibility of lowering interest rates by the end of 2024, some expressed the need to keep rates high for the time being, depending on inflation levels.

Technology giant Apple (AAPL) continued to face challenges, with its stock stumbling for the fourth consecutive day. Wall Street highlighted concerns about weakening iPhone demand, causing the stock to decline.

Thursday morning saw positive news on the labor market front. The latest ADP employment report showed that private companies added 164,000 jobs in December, surpassing expectations and indicating a resilient job market. The Department of Labor reported that 202,000 jobless claims were filed last week, lower than economists' estimates.

Meanwhile, falling oil prices drove travel stocks higher, benefiting cruise line and airline operators. Companies such as American Airlines (AAL), Delta (DAL), Royal Caribbean (RCL), and Carnival (CCL) all experienced gains as oil futures dipped more than 2%.

Looking ahead, all eyes are on the December jobs report, scheduled for release on Friday morning. Analysts anticipate nonfarm payrolls to have increased by 175,000 in December, with the unemployment rate ticking up to 3.8% from the previous month.

The stock market's lackluster start to the year is raising concerns among investors. However, optimism remains surrounding upcoming earnings reports, which could potentially drive a market rally. Analysts are predicting S&P 500 companies to report an 11.7% earnings growth rate for the full year, exceeding the 10-year average.

As the market awaits the December jobs report, it is clear that the labor market will continue to play a crucial role in determining the direction of the stock market in the coming weeks.