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U.S. stocks wavered on Wednesday as traders struggled to recover from a sharp tech-led decline in the previous session.
The Dow Jones Industrials remained in the red 158.9 points to 42,369.46.
The S&P 500 lost 30.13 points to 5,878.90.
The NASDAQ Composite flopped 166.49 points to 19,323.19.
The S&P 500 shed 0.3%, while the NASDAQ traded lower by 0.6%. The three major averages are tracking for a second straight weekly loss.
Palantir, one of the biggest gainers in the S&P 500 last year rising more than 340%, was down for a third straight day, losing more than 3%. Chipmaker Advanced Micro Devices shed 4.5% after a downgrade by HSBC.
Stocks are coming off a rough trading session, as the major averages finished solidly in the red after strong economic data showed greater-than-expected expansion in the U.S. services sector, fanning concerns around stubborn inflation and this year’s trajectory of Federal Reserve rate cuts. Markets reportedly are currently pricing in a 95% chance of no reductions at the central bank’s meeting this month.
Data released Wednesday morning showed private sector job creation in December eased more than expected, while wages grew at the slowest pace since July 2021, according to payment processing firm ADP. Investors are now turning to minutes from the Fed’s December meeting are slated for release at 2 p.m. ET.
Sentiment was also dampened after reports President-elect Donald Trump is considering declaring a national economic emergency to push through new tariffs.
Prices for the 10-year Treasury fell, raising yields to 4.70% from Tuesday’s 4.69%. Treasury prices and yields move in opposite directions.
Oil prices lost 87 cents to $76.18 U.S. a barrel.
Prices for gold moved ahead $18.90 an ounce to $2,684.30 U.S.
U.S. Stocks Still Trading Lower
