Stock Market Falls as Traders Reassess Rate Cut Bets After New Economic Data Release
Here’s a summary of the market and economic news from January 7, 2025:
Market Summary
- US stocks edged higher on Tuesday, with the S&P 500 rising 0.3% and the Dow Jones Industrial Average adding 0.3%.
- The Nasdaq Composite added around 0.2%.
- Nvidia (NVDA) stock rose as much as 2.5% in premarket trading after CEO Jensen Huang’s keynote at CES.
Economic News
- Job openings increased more than expected in November, with 8.1 million jobs open at the end of the month.
- The hiring rate fell to 3.3% from 3.4% in October, and the quits rate fell to 1.9% from 2.1%.
- The ISM Services Index for December will be released today.
- The Fed’s next move on interest rates is uncertain, with traders now seeing a less than 50% chance of a rate cut before June.
Other News
- Cal-Maine Foods (CALM) will report earnings today.
- Shutterstock and Getty Images will merge to become a $3.7 billion visual content company.
- Disney was willing to pay up for Fubo in its quest to launch a new sports streamer.
Let me know if you’d like me to summarize any specific news articles or provide more context on these events!
