According to the Las Vegas Sun, the Standard and Poor five hundred index slipped about sixteen points, down roughly zero point two percent, to close near six thousand eight hundred in United States dollars, while the Dow Jones Industrial Average lost just over three hundred points, about zero point six percent, finishing around forty eight thousand one hundred in United States dollars.[2] The Nasdaq composite was the outlier, rising about fifty four points, or roughly zero point eight percent, ending near sixteen thousand eight hundred in United States dollars as big technology and growth names attracted buying.[2] This split tape reflected ongoing rotation out of some value and cyclical plays and back into larger technology and communication services shares, with defensives such as utilities and some consumer staples lagging, as described by Investor’s Business Daily’s Stock Market Today analysis.[1]
Listener, trading volumes were heaviest in the large technology complex, with semiconductor and artificial intelligence related names again among the most actively traded, while some financial and industrial stocks sat near the bottom of the percentage losers list on profit taking after recent strength, according to Investor’s Business Daily.[1] On the upside, select chip designers and cloud software names posted strong single day percentage gains, whereas several regional banks and smaller energy companies showed some of the largest percentage declines.[1]
Macroeconomic news was another driver. The United States Bureau of Labor Statistics reported that total nonfarm payrolls for November increased by about sixty four thousand, with the unemployment rate holding near four point six percent, signaling a labor market that is cooling but not collapsing.[3] According to the Bureau of Labor Statistics, that modest job growth reinforced expectations that the Federal Reserve can stay patient on interest rate cuts, which in turn supported longer duration technology stocks while weighing on more rate sensitive areas like financials.[3]
In terms of forward looking cues, after the closing bell, equity index futures were little changed to slightly positive, indicating a cautiously constructive tone for the next session, according to Investor’s Business Daily’s late day futures commentary.[1] Traders are now watching for upcoming economic releases such as weekly jobless claims and any fresh Federal Reserve commentary that could shift interest rate expectations, as well as the next wave of earnings from major technology, financial, and consumer companies later this week, which Investor’s Business Daily highlights as potential catalysts for renewed volatility.[1]
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