Stocks end lower as hot jobs data signals aggressive Fed moves
Stocks on
The S&P 500 fell 0.4% after having been up as much as 1% shortly after trading opened. The Dow Jones Industrial Average fell 0.2% and the Nasdaq composite dropped 0.9%.
Big technology stocks were the biggest weights on the market. The companies, with their big valuations, have more heft in pushing the broader market up or down. Also, rising interest rates tend to make the sector look less attractive because of those high valuations. Apple fell 1.8%.
Communication services stocks, retailers and other companies that rely on consumer spending also helped drag down the overall S&P 500, keeping gains in banks, energy firms and other sectors of the market in check.
Small company stocks held up better than the rest of the market. The Russell 2000 rose 0.3%.
"That really fuels the expectation that the Fed has to do more hiking," said
Long-term
The yield on the 10-year
The yield on the two-year
"The issue for investors is figuring out how long the hiking cycle will last," Draho said. "(Fed Chair Jerome)
The S&P 500 fell 15.88 points to 3,856.10. The Dow dropped 79.75 points to close at 32,653.20. The Nasdaq slid 97.30 points to 10,890.85. The Russell 2000 rose 4.53 points to 1,851.39.
Stocks are coming off a strong rally in October that resulted in big monthly gains for some of the major indexes. Even so, they remain in the red for the year, including the S&P 500, which is down about 19%.
Several big companies made solid gains following encouraging earnings reports and forecasts.
Earnings remain a big focus for investors this week. Starbucks and
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