US Stocks End Mostly Flat
The S&P 500 rose 0.1%, the Dow slipped 0.1% from record highs and the Nasdaq gained 0.3% on Wednesday, as an upbeat reaction to stronger than expected January jobs data faded amid pressure in software and rate sensitive shares.
Nonfarm payrolls increased by 130,000, well above the 55,000 expected, while the unemployment rate fell to 4.3%, although hiring was concentrated in health care and prior months were revised lower, tempering enthusiasm. Treasury yields jumped as investors pushed back expectations for near term Fed easing, underscoring a higher for longer outlook.
AI hardware names outperformed, with Micron surging 9.9%, Lam Research up 3.8%, Applied Materials gaining 3.3% and Nvidia adding 0.8%, while Caterpillar and Eaton climbed over 4%. Software lagged as Salesforce fell 4.4%, Intuit dropped 5.2% and Palantir lost 2.7%. Zillow plunged 16.5% after earnings, highlighting fragility in housing linked tech.
Source: Tradingeconomics.com
