S&P 500, Nasdaq open lower as strong US jobs data dents chip stocks
Why it matters: firmer hiring lifted expectations for tighter Fed policy, while the Dow Jones Industrial Average still edged up 0.09%.
US stocks opened mixed Thursday after fresh jobs data pointed to a resilient labor market and reinforced worries that the Federal Reserve could keep policy tighter for longer. The S&P 500 fell 0.62% to 7,537.36 at the open, while the Nasdaq Composite dropped 1.10% to 26,536.593. The Dow Jones Industrial Average bucked the broader move, rising 48.1 points, or 0.09%, to 51,610.02. Chip stocks retreated after a sharp rally, adding pressure to the tech-heavy Nasdaq. The market reaction reflected investor concern that stronger employment could reduce the case for near-term rate cuts and keep borrowing costs elevated.
Sources
- BloombergNeutral80% reliableRead →41 hours ago