S&P, Nasdaq extend year-start skid to three; Dow higher on financials
jobs data.
For the S&P 500, this is the worst start to a year since it began 2015 with a three-session skid, as tech-focused investors continued to take profits after a blistering rally in the final weeks of last year.
Bets that the Federal Reserve could start reducing rates this year had driven much of the gains toward the end of 2023, though the latest minutes from the central bank's December policy meeting did not offer many clues on when the easing might commence.
A tick-up in yields on longer-dated U.S. Treasuries — the benchmark 10-year note ended at 4% — prompted traders to move away from growth stocks toward other sectors.
Financials was one of the few gainers among the S&P 500 sectors, underpinned by Allstate, which rose 2.4% to close at an all-time high after Morgan Stanley lifted its rating on the insurer to «overweight.»
Other insurers also rose, including Hartford Financial Services Group, which gained 0.7% to its highest finish since 2008.
Banks were strong performers ahead of the start of earnings season next week.
