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The stock market is navigating a mixed closing session this week, with the S&P 500 and Nasdaq 100 struggling to stave off a weekly downturn.
Initially, optimism was fueled by traders interpreting the February jobs report’s mixed signals as solidifying expectations for June rate cuts.
The report revealed that nonfarm payrolls increased by 275,000 in February, surpassing the anticipated rise of 200,000, while the January figure was downwardly revised to 229,000. The unemployment rate surprisingly rose from 3.7% in January to 3.9% in February.
Investor attention swiftly shifted to profit-taking in the semiconductor sector, as disappointing guidance from Marvell Technology Inc. (NASDAQ:MRVL) and Broadcom Inc. (NASDAQ:AVGO) led to declines of 9.3% and over 6%, respectively.
The chipmaker benchmark, the iShares Semiconductor ETF (NASDAQ:SOXX), tumbled 2.4%, on course for its worst session since late January, while Nvidia Corp. (NASDAQ:NVDA) plummeted 3.6%.
Notably, small caps outperformed large caps, with the iShares Russell 2000 ETF (NYSE:IWM), reaching the highest levels since early April 2022.
Treasury yields and the U.S. dollar rebounded from their initial losses post-jobs report.
Bitcoin (CRYPTO: BTC) briefly reached a record high of $70,199 before retracing to $68,500 by midday.
Gold, tracked by the SPDR Gold Trust (NYSE:GLD), nears $2,200/oz, marking fresh record highs and poised for its eighth consecutive session of gains, its longest streak since July 2020.
Major Indices & ETFs | Price | 1-day %chg |
Russell 2000 | 2,098.66 | 0.3% |
Dow Jones | 38,879.20 | 0.2% |
S&P 500 | 5,151.37 | -0.1% |
Nasdaq 100 | 18,154.76 | -0.8% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) eased 0.1% to $514.45, the SPDR Dow Jones Industrial Average (NYSE:DIA) inched 0.3% lower to $389.62 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) fell 0.7% to $442.28, according to Benzinga Pro data.
Sector-wise, the Real Estate Select Sector SPDR Fund (NYSE:XLRE), was the top performer, up by 1.2%, while the Technology Select Sector SPDR Fund (NYSE:XLK) trailed, down by 0.7%.
Photo via Shutterstock.
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