"We started the year on the wrong foot," said Sam Stovall, market strategist at CFRA Research, commenting on the impact of a hotter-than-expected job data on equities. The Dow Jones Industrial Average .DJI fell 696.75 points, or 1.63%, to 41,938.45, the S&P 500 .SPX lost 91.21 points, or 1.54%, to 5,827.04 and the Nasdaq Composite .IXIC lost 317.25 points, or 1.63%, to 19,161.63. Brokerages also revised their Fed rate cut forecasts, with BofA Global Research forecasting a potential rate hike. Most of the 11 S&P 500 sectors declined, except for the energy index .SPNY, which rose 0.34%. The S&P 500 posted 6 new 52-week highs and 32 new lows while the Nasdaq Composite recorded 39 new highs and 211 new lows.

Source: bd News24 January 11, 2025 03:55 UTC