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Stock Market News Today: Tech Stocks Dip, Nasdaq Drops for 5th Session

The US stock market has experienced mixed results. The Dow Jones Industrial Average saw an upward trend, whereas both the S&P 500 and Nasdaq ended the day with losses. This marked the fifth consecutive session of losses for the Nasdaq, significantly influenced by declines in major tech companies such as Amazon, Microsoft, and Apple.InformationGuideNigeria

Apple, in particular, had a challenging week following downgrades from Barclays and Piper Sandler, culminating in a further 1.2% drop in its stock price to close at $181.91 per share.

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The economic data released on Thursday had significant implications for the market. ADP’s employment report showed a higher-than-expected increase in private payrolls for December, with 164,000 jobs added compared to the forecasted 130,000. This exceeded November’s revised figure of 101,000. This robust job growth suggests that the Federal Reserve might maintain its hawkish stance to control inflation and prevent the economy from overheating.NYSC Portal

Minutes from the Federal Reserve’s recent meeting revealed that the central bank is still focused on taming inflation. The labor market is a key area of focus for the Fed, as highlighted by Jeffrey Roach, chief economist for LPL Financial. He noted that the Fed sees potential downside risks to the job market through 2024, which will keep their attention firmly on employment data.

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In other labor market news, weekly jobless claims reached a two-month low, while job openings in November fell to a three-year low. These indicators suggest some softening in the job market.JAMB Portal

Investors are now looking ahead to the December employment report, due for release on Friday. This report will provide insights into changes in the unemployment rate, the proportion of full- or part-time workers, and wage growth trends. Bloomberg economists predict that nonfarm payrolls will increase by 175,000 for December, with the unemployment rate remaining around 3.8%.JAMB Result

The anticipation of these figures and their potential implications for the Federal Reserve’s policy decisions are expected to contribute to market volatility. As Roach indicated, markets may experience choppiness if the Fed’s concerns about a weaker job market materialize.

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Emediong Silver

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing. Whatapp: 08088735884

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