Stock market today: S&P 500, Nasdaq drift near record levels as Dow falls following key jobs data
Published On Dec 3, 2024, 11:04 AM
US stocks reached near record levels, with the S&P 500 and Nasdaq trading flat while the Dow fell slightly. This comes after the release of jobs data showing a rise in job openings to 7.74 million, exceeding expectations. Market participants await further comments from Federal Reserve officials regarding interest rate changes, with expectations increasing for a rate cut at the upcoming Fed meeting later this month. Additionally, Tesla faced pressure following declining shipments of its China-built models, and US Steel's stock dropped significantly after news of a potential block on its takeover by Nippon Steel. Political uncertainty in Europe, particularly in France and Germany, is also impacting market sentiments.
Stock Forecasts
SPY
Positive
Given the expectation of interest rate cuts from the Federal Reserve and the overall positive market sentiment, the outlook for the S&P 500 is favorable. This could encourage more investment flows into large-cap stocks, which are predominant in the index.
TSLA
Negative
Tesla's recent shipment declines and legal setbacks could signal continued weakness in its stock performance. The company might struggle with its sales targets in the short term, leading to investor caution.
X
Negative
The significant drop in US Steel's stock is a reaction to strong political headwinds against its acquisition. This suggests a bearish outlook for the stock as investors reassess its operational viability in light of potential government pushback.
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