A selloff today for the US stock market. Nasdaq lost 522 points underperforming. Dow Jones lost 392 points. The closing numbers for the US stock market today follow. Read the latest stock market news.
S&P 500: 4,700.58,-92.96(-1.94%)
Dow 30: 36,407.11,-392.54(-1.07%)
Russell 2000: 2,194.00,-74.87(-3.30%)
Stock market news today
“Technology stocks came under renewed pressure on Wednesday while the Dow Jones Industrial Average pulled back from a fresh record high, with investors turning away from tech and growth stocks in anticipation of higher rates.
The S&P 500 declined to pull back further from Tuesday’s record intraday high. The Nasdaq underperformed against the other two major equity indexes. Apple (AAPL) shares built on losses from a day earlier, bringing the stock back down further. after reaching a $3 trillion market capitalization for the first time ever at the start of the week.
Investors eyed the meeting minutes from the Federal Open Market Committee’s (FOMC) December meeting, which suggested the central bank was considering a faster removal of its monetary policy accommodation than previously anticipated. Policymakers suggested that against the backdrop of a firming economic recovery and elevated inflation, interest rates could rise sooner than anticipated. And some policymakers also telegraphed they would opt for shrinking the Fed’s balance sheet soon thereafter.
“Participants generally noted that, given their individual outlooks for the economy, the labor market, and inflation, it may become warranted to increase the federal funds rate sooner or at a faster pace than participants had earlier anticipated,” the minutes said. “Some participants also noted that it could be appropriate to begin to reduce the size of the Federal Reserve’s balance sheet relatively soon after beginning to raise the federal funds rate.”
Investors Wednesday morning also digested fresh upbeat economic data, as private payroll gains handily exceeded estimates for December. ADP said Wednesday that private sector employers added back 807,000 jobs during the final month of November, nearly doubling expectations as job growth picked up to help alleviate some labor shortages.
In the first few trading days of the new year, investors have piled into cyclical areas of the market, with shares of companies seen as the biggest beneficiaries of a firming economic recovery and rising interest rates outperforming. The energy, financials and industrials sectors outperformed in the S&P 500 on Tuesday, and the Dow Jones Industrial Average composed heavily of cyclical stocks rose by more than 200 points to set an all-time closing high. “
Stock market data: Yahoo Finance