Dow, Nasdaq Fall; S&P 500 Flat; Robinhood, Moderna, Micron, Nvidia, More Movers; Jobs Report
The Dow Jones Industrial Average snapped its three-day streak of closing highs after the market’s initial rally following the January jobs report fizzled out.
The Dow fell 67 points, or 0.1%. The S&P 500 was flat. The Nasdaq Composite dropped 0.2%.
The yield on the 2-year Treasury note rose to 3.51%. The 10-year yield rose to 4.17%.
Bond yields spiked and stocks rose, at least initially, after the Bureau of Labor Statistics said the U.S. economy added 130,000 jobs in January.
“Markets may have been expecting a downshift in today’s numbers after last week’s soft data, but the jobs market hit the gas pedal instead,” writes Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management.
The S&P 500 surged as high as 6993.48 before retreating. The index has repeatedly struggled to push beyond 7000. Round numbers can take on psychological importance for traders who focus on technical analysis.
“From an investment standpoint, this economic and policy backdrop would lead us to believe that 2026 is likely to witness a year of stable intermediate-term interest rates and potentially lower rates at the front end of the yield curve, although today’s report could push back the timing of that,” writes Rick Rieder, BlackRock’s chief investment officer of Global Fixed Income and head of the BlackRock Global Allocation Investment Team.
“That would set up well for portfolios geared towards short- to intermediate-term fixed income assets and especially those with spread-enhanced yield embedded within them,” he continues. “Income was a big winner in 2025, and we see no reason why a repeat performance wouldn’t be in store for this year too.”
The next big test for markets will be Friday’s consumer price index for January.
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