US Stocks Waver Amid Job Market Concerns and Government Shutdown
US stocks experienced a decline due to disappointing job market data and an impending government shutdown. Dow, S&P 500, and Nasdaq all faced a drop in value. While treasury yields sank, the delay in the upcoming Labour Department's jobs report raises market uncertainty. Stocks like Nike thrived, while others faltered.
US stocks wavered on Wednesday in response to the latest disheartening signals from the job market. The S&P 500 dipped by 0.3%, and the Dow Jones Industrial Average decreased by 51 points, experiencing a drop of 0.1% overall. Nasdaq followed suit with a 0.4% drop.
The bond market witnessed a stronger reaction as Treasury yields decreased following a report indicating weaker hiring than anticipated. According to the ADP Research survey, employers cut 32,000 more jobs than they added. Traders await the comprehensive US Labour Department report, potentially delayed due to an ongoing government shutdown.
Amidst the market fluctuations, Cal-Maine Foods saw a 2.6% drop despite impressive quarterly results, whereas Nike surged 4.7%, exceeding profit expectations. In a notable development, Lithium America's stock soared by 22.5% post a US government-approved loan draw, driving the bond market to further volatility.
(With inputs from agencies.)
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