Live Nasdaq Composite: Tech Stock Volatility Persists on Mixed Economic Signals
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The Dow crossed the 50,000 threshold as markets advanced despite mixed labor market signals.
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Unemployment claims reached 227,000 last week, surpassing the 222,000 economist forecast.
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Analysts downgraded Coinbase from buy to sell, citing persistent crypto market weakness and lowered revenue estimates.
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Silver Sell-Off
Commodities are sending signals to the stock market that the Fed is unlikely to cut rates at its next meeting based on yesterday’s strong jobs data featuring a declining unemployment rate. The iShares Silver Trust (SLV) has declined 10% in a matter of minutes to below the $70 level.
Tech Stocks Under Pressure
The markets have reversed earlier gains, with the Nasdaq Composite now spiraling by 1% in today’s session. AppLovin (Nasdaq: APP) is plummeting by 18.6% while Cisco (Nasdaq: CSCO) is down 11.1%, both of which are dragging the Nasdaq Composite lower.
Tech Talk
According to a social media post by Kalshi, Amazon (Nasdaq: AMZN | AMZN Price Prediction) has surpassed Nvidia (Nasdaq: NVDA) as the top stock purchased by retail investors.
Separately, Meta Platforms CEO Mark Zuckerberg is reportedly relocating from California to Florida to sidestep the Golden State’s new wealth tax.
This article will be updated throughout the day, so check back often for more daily updates.
The markets are shrugging off mixed signals from the labor market as all three of the major stock market averages advance. With the Dow Jones Industrial Average now hovering above the 50,000 threshold, market sentiment is hinting toward bullish. The Nasdaq Composite is being propelled higher by Micron Technology (Nasdaq: MU) and Nvidia (Nasdaq: NVDA) while Cisco (Nasdaq: CSCO) and Netflix (Nasdaq: NFLX) are dragging lower.
The labor market continues to send mixed signals. After yesterday’s stronger than expected jobs report in which the unemployment rate edged lower, more Americans are gathering at the unemployment line. Over 227,000 job seekers filed for unemployment over the past week, surpassing economist expectations calling for a range closer to 222,000.
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: 50,406.74 Up 285.34 (+0.57%)
Nasdaq Composite: 23,127.50 Up 55.22 (+0.24%)
S&P 500: 6,967.75 Up 26.28 (+0.36%)
Market Movers
Sandisk (Nasdaq: SNDK) stock is soaring, tacking on 9% on what traders on social media are describing as a bullish setup.
Digital asset trading platform Coinbase (Nasdaq: COIN) received a one-two punch from Wall Street analysts. Monness, Crespi, Hardt turned cautious on Coinbase, downgrading the stock from “buy” to a “sell” rating amid crypto market softness. Additionally, the analysts lowered revenue, EBITDA and EPS estimates, warning that the market weakness could persist for the foreseeable future.
AI cloud platform Nebius Group (Nasdaq: NBIS) is sinking by 4.5% today on the heels of its earnings print in which it revealed soaring data center costs coupled with ambitious capex plans alongside an M&A deal.
Dow stock McDonald’s (NYSE: MCD) is testing high-protein food items to appeal to customers who are taking weight loss drugs
Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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