Stocks slid lower in the first session of 2025 as Wall Street's recent weakness continues into January. The Dow Jones Industrial Average fell over 150 points, while the S&P 500 Index and Nasdaq Composite lost about 0.2% each.

Here's how the market settled on Thursday:

S&P 500 Index (SPY  ): -0.22% or -13.08 points to 5,868.55

Dow Jones Industrial Average (DIA  ): -0.36% or -151.95 points to 42,392.27

Nasdaq Composite Index (QQQ  ): -0.16% or -30.00 points to 19,280.79

Moving Markets:

Short seller Hindenburg Research disclosed a short position against used-car seller Carvana (CVNA  ) on Thursday, claiming that the retailer's turnaround is a "mirage" that is being help up by unstable loans and accounting manipulation.

Hindenburg said in its report that it uncovered $800 million in loan sales "to a suspected undisclosed related party, along with details on how accounting manipulation and lax underwriting have fueled temporary reported income growth - all while insiders cash out billions in stock."

Carvana said in a statement on Thursday: "In the 7 years since our IPO, Carvana has been one of the most heavily researched public companies. The arguments in today's report are intentionally misleading and inaccurate and have already been made numerous times by other short sellers seeking to benefit from a decline in our stock price. We plan to stay focused on executing our plan for another great year in 2025."

In the News:

Tesla (TSLA  ) shares were under pressure on Thursday after the electric vehicle maker posted its first annual decline in deliveries in its fourth-quarter; Tesla reported 1.77 million deliveries in 2024 compared with 1.81 million in 2023.

For its fourth-quarter, Tesla delivered a less-than-expected 495,570 units and produced 459,445 units. Deliveries are the closest approximation of sales reported by Tesla.

Constellation Energy (CEG  ) shares jumped on Thursday after the U.S. General Services Administration awarded the energy provider more than $1 billion in combined contracts for nuclear energy.

"For many decades, Constellation's nuclear fleet has provided carbon-free, reliable, American-made energy to millions of families and institutions," said CEO Joe Dominguez in a statement. "Frustratingly, however, nuclear energy was excluded from many corporate and government sustainable energy procurements. Not anymore."

Meta Platforms (META  ) is replacing President of Global Affairs Nick Clegg with the company's current Policy Vice President Joel Kaplan, the Facebook-parent announced Thursday. Kaplan will take the title Chief Global Affairs Officer.

CEO Mark Zuckerberg said in a statement that Clegg "built a strong team to carry [Meta Platforms] forward. I'm excited for Joel to step into this role next given his deep experience and insight leading our policy work for many years."