The S&P 500 closed slightly higher Wednesday as tech stocks cut some losses after Treasury yields steadied even as the minutes from the Federal Reserve's December meeting signaled a slower pace of rate cuts ahead. Federal Reserve policymakers were in favor of slowing the pace of rate cuts on concerns about stalling disinflation, the minutes of the Federal Reserve’s Dec. 17-18 meeting showed on Wednesday.
After the December meeting, the 'Committee would likely slow the pace of further adjustments to the stance of monetary policy,' the minutes showed. The more cautious sentiment among Fed members on further rate cuts was prompted by slower progress on curbing the pace of inflation toward the 2% target. Treasury yields steadied, however, following a spike on Tuesday after Fed governor Christopher Waller backed further rate cuts amid expectations that inflation will likely continue to fall. Tech stocks closed above session lows as Treasury yields stabilized after surging above multi-month highs a day earlier. Meanwhile, the number of Americans filing for first-time unemployment benefits unexpectedly edged down last week, touching the lowest level since February, in a sign of strength in the labor market. Initial claims for state jobless aid slipped to 201,000 during the week ended on January 4, while the four-week moving average, which aims to account for volatility in the weekly returns, decreased to 213,000. It had previously stood at 223,250. Elsewhere, private payrolls increased by 122,000 jobs last month, after advancing by 146,000 in November, the ADP National Employment Report showed. A raft of economic figures earlier this week also pointed to an unexpected increase in job openings and sticky inflation
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Stock market today: S&P 500 closes lower as tech stumbles despite Alphabet jumpStock market today: S&P 500 closes lower as tech stumbles despite Alphabet jump
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