Stocks seesaw after more soft jobs data

Published On Sep 5, 2024, 9:50 AM

US stocks experienced volatility on Thursday as investors reacted to disappointing labor market data. The ADP report revealed that private sector hiring grew by only 99,000 jobs in August, well below expectations, indicating a slowing labor market. The declines in both the Dow and S&P 500 were noted, while the Nasdaq had slight gains. The impending jobs report is critical as it could influence the Federal Reserve's decision regarding possible interest rate cuts. Major tech stocks experienced sell-offs, notably in light of weak performance from AI-related companies like C3.ai, which saw a substantial decline in its shares due to underwhelming subscription revenue.

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Despite the volatility caused by labor market concerns, Tesla's announcement about launching full self-driving software may lend some support to its stock, suggesting that the market still has pockets of strength. However, overall market sentiment is fragile, and any further evidence of economic weakness could lead to selling pressures.

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