July 19, 2024

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U.S. Stocks Showing Notable Move Back To The Downside

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Stocks have moved mostly lower during trading on Monday, giving back ground following recent strength. The major averages have all moved to the downside on the day, with the tech-heavy Nasdaq leading the pullback.

Currently, the major averages are just off their highs of the session. The Nasdaq is down 225.09 points or 1.6 percent at 14,079.94, the S&P 500 is down 42.81 points or 0.9 percent at 4,551.82 and the Dow is down 153.07 points or 0.4 percent at 36,092.43.

The weakness on Wall Street partly reflects profit taking, with some traders looking to cash in on the recent strength in the markets.

The Dow and the S&P 500 ended last Friday’s trading at their best closing levels since early 2022, while the Nasdaq reached a four-month closing high.

Stocks have recently benefited from optimism about the outlook for interest rates, as the Federal Reserve is widely expected to leave rates unchanged until cutting rates as early as March 2024.

A rebound by treasury yields may also be contributing to the pullback on Wall Street, as the yield on the benchmark ten-year note is bouncing off its lowest levels in three months.

Meanwhile, traders are also looking ahead to the release of the Labor Department’s closely watched monthly jobs report on Friday.

Economists currently expect employment to increase by 180,000 jobs in November after rising by 150,000 jobs in October, while the unemployment rate is expected to hold at 3.9 percent.

“Another weaker report, especially one paired with 0.2% monthly wage growth, could further fuel the belief that not only is the tightening cycle over but rate cuts may not be far away,” said Craig Erlam, Senior Market Analyst, UK & EMEA, OANDA.

Reports on service sector activity, private sector jobs, weekly jobless claims and consumer sentiment may also attract attention in the coming days.

The Commerce Department released a report this morning showing factory orders pulled back by much more than expected in the month of October.

The report said factory…

2023-12-04 10:55:15

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