Title: U.S. Stocks End Nine-Week Winning Streak as Non-Farm Payrolls Exceed Expectations
The U.S. stock market saw a decline in all three major indexes, marking the end of a nine-week winning streak. The losses come after the release of U.S. non-farm payrolls data for December, which exceeded expectations and led to a decline in the “interest rate cut trade.”
The Dow Jones Industrial Average rose by 25.77 points, the Nasdaq rose by 13.77 points, and the S&P 500 Index rose by 8.56 points. However, large technology stocks such as Apple, Google’s parent company Alphabet, and Netflix experienced declines, which weighed on the market.
In Europe, major stock indexes closed down, with the German DAX index falling by 0.14% and Britain’s FTSE 100 index falling by 0.43%. In the Asia-Pacific region, the Nikkei 225 Index rose by 0.27%, while South Korea’s KOSPI Index and Indonesia’s Jakarta Composite Index experienced declines.
The U.S. dollar index rose for the first time in a month, tracking the exchange rate of the U.S. dollar against a basket of six major currencies. On the other hand, Bitcoin fell in the last 24 hours but rose nearly 4% in the last seven days.
While gold futures remained relatively flat and crude oil futures closed higher, London metals saw declines across the board.
Key macroeconomic news included U.S. Treasury Secretary Yellen’s statement that the economy has achieved a soft landing, as well as comments from Fed voting member Barkin, who suggested that the Fed should lower interest rates as the economy normalizes.
In other news, the U.S. Department of Justice is reportedly entering an advanced stage of an antitrust investigation into Apple, and major companies such as Apache Petroleum and Exxon Mobil made significant announcements related to their business operations.
The article also included downgrades from major banks, including Jefferies’ downgrade of Palantir and Oppenheimer’s downgrade of PayPal.
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