Stock Market Today: S&P 500 dips, Nasdaq Composite slides, Dow Jones gains; Treasury yield surges, Amazon tumbles—Pinterest, JPMorgan, Expedia, and Deckers the stocks to watch
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How did the jobs report impact the market?
January’s employment data revealed that only 143,000 jobs were added, significantly below expectations. However, the unemployment rate fell to 4% from 4.1%, and revisions to November and December’s figures showed stronger-than-expected job growth. Additionally, average hourly earnings for January rose more than expected, intensifying inflation concerns.
What was the market reaction to treasury yields?
Following the jobs report, the 10-year Treasury yield surged above 4.47%, impacting investor sentiment. Rising yields generally put pressure on equities, particularly growth stocks.
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Why did consumer sentiment decline in february?
The University of Michigan’s preliminary consumer sentiment reading for February dropped to 67.8, well below economist forecasts of 71.3. Inflation expectations also rose, with the one-year outlook increasing to 4.3% from 3.3% in January, the highest level since November 2023.
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