The benchmark S&P 500 and the Nasdaq dropped on Tuesday, weighed down by technology stocks after a batch of upbeat economic data stoked uncertainty among investors about the pace of monetary policy easing that the Federal Reserve could pursue this year. U.S.
stocks gave up early gains after a Labor Department report showed job openings unexpectedly increased in November, while a separate report said services sector activity accelerated in December with a measure tracking input prices surging to a near two-year high. Signs of continued resilience in the economy have pushed back expectations on when the central bank can deliver its first interest rate reduction this year. Traders now see the cut in May and the Fed staying on hold for the rest of 2025, according to the CME Group's FedWatch tool. 'Businesses anticipate prices rising further in 2025 as a result of tariffs,' Bill Adams, chief economist for Comerica Bank, said in a note. 'A mix of solid growth and a new wave of inflationary pressure from tariffs means the Fed will likely switch from cutting interest rates at every decision ... to pausing in between rate cuts in 2025. At 12:16 p.m. ET, the Dow Jones Industrial Average (.DJI),fell 14.40 points, or 0.03%, to 42,692.16, the S&P 500 (.SPX),lost 39.06 points, or 0.65%, to 5,936.32 and the Nasdaq Composite (.IXIC),lost 281.14 points, or 1.42%, to 19,582.88. The yield on the 10-year Treasury note rose to 4.68% - its highest level since May - that pushed technology stocks (.SPLRCT),lower by 1.8%. AI-bellwether Nvidia (NVDA.O),fell 5.2%. Six of the 11 S&P 500 sectors declined with consumer discretionary (.SPLRCD),leading losses with a 1.9% fall. On the other hand, energy stocks (.SPNY),rose 1.5% tracking higher crude prices. The main focus of the week is the key non-farm payrolls data, along with minutes from the Fed's December meeting.
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