Stocks closed higher after cutting losses Monday as a jump in cyclical stocks including energy helped offset a rotation out of growth stocks including tech amid growing worries about a Federal Reserve pause just days ahead of key inflation data.
Stocks fell sharply Friday, after a stronger-than-expected jobs report for December stoked fears of a prolonged Federal Reserve pause on rate cuts, sending Treasury yields sharply higher.
The US stock market was closed overnight due to President Carters state funeral, while Wildfires in LA escalated with damages estimated at $20B
Stocks hovered around the flatline Wednesday as technology continued to pressure the broader market lower, while the Federal Reserve’s December meeting minutes signal a slower pace of rate cuts ahead.
Equities closed sharply lower Tuesday, as tech was hurt by rising Treasury yields after economic data flagged concerns about stickier inflation, reining in bets of further Federal Reserve rate cuts.
The rally was primarily driven by semiconductor stocks and communication services, with most other S&P 500 sectors ending lower.
Stocks closed higher on Friday, ending the first week of the new year on a positive note ahead of data that should provide more insights on the health of the largest economy in the world.
Equities were mixed overnight, supported by rallies in megacap stocks like Nvidia and Broadcom on Wall Street. The S&P 500 and Nasdaq saw gains, while the Dow Jones Industrial Average experienced a slight decline.
Equities wrapped up a difficult with strong gains Friday, a day after snapping its longest losing streak since 1974 as cooler-than-expected inflation data eased concern that the Federal Reserve could turn even more hawkish next year.
Equities were broadly weak overnight, with the DOW eking out a gain, snapping its longest losing streak since 1974, even as the post-Federal Reserve rebound ran out of steam.
The Federal Reserve cut interest rates by 25 basis points overnight, but halved the number of rate cuts expected for next year as the battle to bring inflation down toward the central bank’s target is now expected to take longer than previously expected.
Equities headed lower overnight, with the DOW suffering its longest losing streak since 1978 as the Federal Reserve kicked off its last meeting of the year.
