Stocks wobble, Nasdaq sinks as gold rallies

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Following a new hiring report indicating a decrease in private-sector job growth and a separate report showing a decline in growth at U.S. service providers, U.S. stocks experienced a decline, particularly in the technology sector.

The S&P 500 (^GSPC) decreased by 0.25%, while the Dow Jones Industrial Average (^DJI) had a slight increase of 0.24%. Meanwhile, the Nasdaq Composite (^IXIC), which is heavily composed of technology stocks, had a more significant decrease of 1.07%.

After a disappointing report on private-sector job growth from ADP payrolls, Treasury yields experienced a significant drop, with the yield on the 10-year note decreasing to 3.303%.

In the commodities market, gold futures (GC=F) are currently at their highest level in over a year and are approaching a record high due to indications of weakness in the labor market.

Meanwhile, crude oil (CL=F), which had risen on Monday, has now fallen and is hovering around $80 per barrel, Yahoo Finance reported.

Written by staff