Concerns regarding the potential downsides of a too-hot job market are tempering enthusiasm on Wall Street, overshadowing significant gains for Big Tech stocks, reported Stan Choe for the Associated Press (AP).
Leaps for Meta Platforms and Amazon, two influential stocks in the market, propelled the S&P 500 index 0.3% higher in morning trading. I Photo: hermtvoita flickr
Leaps for Meta Platforms and Amazon, two influential stocks in the market, propelled the S&P 500 index 0.3% higher in morning trading.
They also drove the Nasdaq composite up 0.8% as of 10:20 a.m. Eastern time. However, the Dow Jones Industrial Average, which has less emphasis on tech, declined by 116 points or 0.3%.
Stocks faced pressure from higher yields in the bond market following a report showing that US employers hired many more workers last month than economists had anticipated.
While the strength is beneficial for workers and helps stave off the risk of a recession, there is concern that it could maintain upward pressure on inflation. Consequently, there may be a prolonged wait for the Federal Reserve to begin cutting interest rates, as reported by Yuri Kageyama and Matt Ott for AP.