04:59 PM EST, 01/03/2025 (MT Newswires) -- The Standard & Poor's 500 index began the new year with a 0.5% weekly loss as the materials and consumer sectors declined, while energy and utilities stocks climbed.

The benchmark ended Friday's session at 5,942.47. The market was closed Wednesday for the New Year's Day holiday.

On Tuesday, the S&P 500 ended 2024 with a 23% annual gain. The index fell 2.5% in December.

This week, materials fell 2.1%, the biggest sector decline, followed by consumer discretionary dropping 1.5% and consumer staples with a 1.4% loss.

In materials, PPG Industries ( PPG ) shares slumped 5.1%, and Smurfit Westrock ( SW ) declined 3.8%.

In consumer discretionary, Tesla (TSLA) shares shed 4.9% as the electric vehicle maker reported vehicle deliveries in 2024 fell from a year earlier and fourth-quarter figures missing Wall Street's forecasts.

In consumer staples, shares of alcohol beverage makers including Brown-Forman (BF.B) and Molson Coors Beverage ( TAP/A ) fell as US Surgeon General Vivek Murthy released an advisory outlining the direct link between alcohol consumption and an increased risk of cancer and called for cancer warnings on alcoholic drinks. Brown-Forman's Class B shares fell 6.6%, and Molson Coors Beverage ( TAP/A ) declined 4.4%.

Energy led gainers this week with a 3.2% rally, followed by a 1.3% increase in utilities.

Devon Energy ( DVN ) jumped 8.8% as Wolfe Research upgraded its rating on the stock to outperform from peer perform.

Among utilities, Vistra ( VST ) shares rose 16% as UBS raised its price target on the stock to $174 from $161.

Next week features December employment data with ADP's monthly employment report expected on Wednesday and the Labor Department's employment report due on Friday. Other data on the calendar include November factory orders on Monday, December consumer credit on Wednesday and preliminary January consumer sentiment on Friday.