Stocks Reverse Early Gains; Dow, Nasdaq Drop Triple Digits
Wall Street failed to hold onto gains in today's session, suffering modest to steep pullbacks across the board. Pushing sentiment lower were rate cut worries and faster-than-expected growth from the U.S. services sector for last month. Meanwhile, the latest jobs report showed 8.1 million openings were added in November, well above analyst estimates.
The 10-year Treasury yield is extending its climb, last seen near 4.685%. Meanwhile, the blue-chip index dropped 178 points, while the tech-heavy Nasdaq suffered a steep 375-point loss, and the S&P 500 trailed as well.
Continue reading for more on today's market, including:
- Analyst: Buy the dip on Carvana stock.
- Why Netflix stock is ready to roar higher.
- Plus, buyout buzz boosts medical stock; S&P 500's mounting risks; and ULTA surges.
5 Things to Know Today
- Honda Motor (HMC) revealed its first two electric vehicle (EV) prototypes, which will be built in an Ohio manufacturing plant, with sales starting in 2026. (Bloomberg)
- President-elect Donald Trump announced $20 billion in foreign investments will be used to build U.S.-based data centers. (CNBC)
- Medical stock pops on acquisition buzz.
- Technical risks keep mounting for the S&P 500.
- Outlook, C-suite shakeup boost Ulta Beauty stock.
There were no earnings of note today.
Oil, Gold Rebound With Session Wins
Crude enjoyed a rebound this afternoon, recovering from its recent losses to close at its highest level since October. February-dated West Texas Intermediate (WTI) crude added 69 cents, or 0.9%, to settle $74.25 per barrel.
U.S. Treasury yields and a stronger dollar pushed pressured gold prices today, after the yellow metal moved higher after jobs data. Gold for January delivery still added 0.6%, to settle around $2,662.60 an ounce.
