Stock Market Update: January 5, 2024
On January 5, 2024, the stock market saw a mix of results, with major indices showing modest gains following the release of the December jobs report. The S&P 500 rose by 0.2%, the Dow Jones Industrial Average gained 0.1%, and the Nasdaq Composite inched up by 0.1%.
Key Market Movements:
– The S&P 500 and Nasdaq Composite broke their losing streaks, with the S&P ending a four-day slump and the Nasdaq snapping a five-day decline.
– The Dow Jones Industrial Average gained 0.1%, equivalent to 26 points.
– Treasury yields increased, with the 10-year Treasury yield surpassing 4%.
– The U.S. economy added 216,000 jobs in December, surpassing the expected 170,000.
– The unemployment rate remained steady at 3.7%.
Notable Stocks:
– QuantumScape stock slipped after a 43% surge in the previous session.
– Apple shares faced pressure once again.
– Peloton Interactive Inc. (PTON) made gains in premarket trading.
Market Analysis:
Investors approached the release of the December jobs report with caution, resulting in a slightly negative market opening. The report revealed strong hiring in December, with the U.S. economy adding 216,000 jobs, exceeding economists’ expectations of 170,000. The unemployment rate held steady at 3.7%, and wages grew at an annual rate of 4.1%. This data did little to clarify when the Federal Reserve might begin cutting interest rates. Despite the positive jobs report, the market experienced losses for the week.